Socialism comes in many flavors that have one thing in common: the state, or some form of cooperative or other public entity, owns or controls a substantial share of the property in society. Hence, socialism is often just a less consistently implemented statist version of its totalitarian cousin, communism, violating individual rights on a large scale by denying citizens the fruits of their labors. The most well-known socialist system today is Venezuela.
Think Right or Wrong, Not Left or Right 