Its pure Socialism. If it were introduced in the U.S. it would be a very big signal that they have won, and Capitalism is on life support.
It's more like the traditional definition of liberalism. Please note the lower case l. But this is what happens when people use what used to be firmly defined terms as very loose insults. This is also true for right wing terms; Nazi and Fascist were two very different movements in two very different countries, yet they're thrown around as synonyms.
Let's not forget that much of the US Democratic Party would be considered true blue Conservatives(note the capital C) in this country.
Capitalism will be superseded, just like a long line of political theories that were once considered radical.
The state paying people wages as a step forward from having a welfare system to take care of those most in genuine need is not traditional liberalism. Its nothing short of Marxism. "From each according to their ability, to each according to their need".
The U.S. Democratic party was similar to our new very pale blue conservative party (note the lower case c) but not any more. In the last 10 to 15 years it has moved further and further to the left, and is now probably further left than the post Corbyn Labour party.
Capitalism cant really be superseded. Its as old as the first occasion one person had something another person wanted.
People who have thought themselves to be so clever that they could come up with a better system have come close to destroying civilisation, but people somehow still believe in it.
Thats why I finf it terrifying.