Were the altruistic goals of socialism demonized by the West in a Cold War with a paranoid Russia?

Background context for my Q: Russian communism was a rejection of the abusive feudal aristocracy in Russia as much as capitalism was a rejection of feudalism under abusive monarchies in Europe. China's recent turn to capitalism is a rejection of the abuses and backwardness of Mao's communism which was the rejection of China's century's old feudal system!