Educate a curious self proclaimed lefty

Hello you capitalist bootlickers!

Jokes aside, I come from left of center economic education and have consumed tons and tons of capitalism and free-market critique.

I come from a western-european country where the government (so far) has provided a very good quality of life through various social welfare programs and the like which explains some of my biases. I have however made friends coming from countries with very dysfunctional governments who claim to lean towards Austrian economics. So my interest is peeked and I’d like to know from “insiders” and not just from my usual leftish sources.

Can you provide me with some “wins” of the Austrian school? Thatcherism and privatization of public services in Europe is very much described in negative terms. How do you reconcile seemingly (at least to me) better social outcomes in heavily regulated countries in Western Europe as opposed to less regulate ones like the US?

Coming in good faith, would appreciate any insights.

UPDATE:

Thanks for all the many interesting and well-crafted responses! Genuinely pumped about the good-faith exchange of ideas. There is still hope for us after all..!

I’ll try to answer as many responses as possible over the next days and will try to come with as well sourced and crafted answers/rebuttals/further questions.

Thanks you bunch of fellow nerds