What is the economic system in the European Union and the Nordic countries?

Is it democratic socialism, a form of compassionate capitalism, or something else. These countries are not communist and I wouldn’t want a full fledged communist country anyway. But inequalities are not as unfettered as in the United States and there is more of a social safety net for people who fall on hard times. There may not be as many extremely high earners as heads of corporations but the playing field is a bit more fair. Also employees get paid a living wage even in minimum wage service positions while in the United States corporations make millions and billions but do not pay their employees a livable wage. What are these countries doing right? Yes there are still very rich people in these countries but being on the lower income bracket doesn’t seem as bad as it is in the United States. If this makes me a commie pinko to think it’s better in other countries than the United States in certain regards then I’m a commie pinko.