I'm not trying to be short but this is the best definition I can find and it really says everything. Number 1 really says it the best.
- n. noun
- 1. a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
Synonym : leftism, welfarism, radicalism, progressivism, social democracy, communism, Marxism, labor movement
- 2. policy or practice based on the political and economic theory of socialism
Synonym : leftism, welfarism, radicalism, progressivism, social democracy, communism, Marxism, labor movement
- 3. (in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of communism
- Variation
We say the term European Socialism here in the States. It's not necessarily a bad thing. But for myself and many other conservatives (and I think a large portion of the population but they just don't realize it) would not want the means of production owned by the whole. And historically socialism isn't a very good model for economic stability.
I will pull out my trusted Milton Friedman video. While he doesn't particularly speak directly to socialism, he does have a strong argument for capitalism. His comments about individual achievements are at the root of why socialism/communism are fundamentally flawed in my opinion. Right Numbers?