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A socio-economic system where the means of production are owned by the workers and not by the investors and a system which frequently and mistakenly gets mixed up with "social welfare state" idea, which leads people to think that Denmark, Norway and Sweden are socialist countries.
A: I support socialism because Sweden has become a wonderful country thanks to socialism.

B: Sweden is a country where the free market policies are adopted along with a social welfare state and it has nothing to do with socialism.
by Les aveux du garcon August 15, 2016
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For all you stupid dumb fucks out there who wrote definitions for communism, socialism is a cross between communism and capitalism. It actually works, most people dont realize that Germany is technically socilist and it is one of the top five richest countries in the world.
Contrary to common belief, socialism only has four fuckin syllables.
by laconic August 05, 2003
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23
A political and economic system that has been completely and utterly discredited (most notably by the emininent Austrian economist Ludwig von Mises.)

Sadly, many people, being generally ignorant of the laws of economics, are unable to come to terms with the fact that socialism, unlike free-market capitalism, is economically incapable of generating wealth and thus can only ever impoverish any existing society when implemented.

Many people are also of the opinion that socialism, while a good idea on paper, can never work in reality purely because of human selfishness, and not because of the afore-stated economic reason. These people are quite possibly the biggest culprits when it comes to holding back human social development, as they persist in blinding countless people to socialism's true shortcomings. (American colleges, for example, are hotbeds of left-wing propaganda.)

Ardent supporters of socialism are usually bitter, twisted individuals who hate life and everything it stands for. They often have an insatiable God-complex and, remaining deliberately blind to the existence of genuine altruism and compassion, wish to destroy humanity as it exists and remodel it in their own image.
Tell your kids to say "No" to socialism.
by UltraBeans February 07, 2007
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Canada uses socialism; its like pussified America. If you screw up in Canada, the government's got your back. America could give a fuck if you're successful.
by K Dub HOLLA October 10, 2006
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A type of Government that rather than redistributing wealth, redistributes poverty through confiscatory, and often unfair taxes, affecting in particular the middle classes who, earn too much to claim benefits but who do not earn enough to pay their taxes and yet enjoy a sufficently rewarding standard of living relative to how hard they work.
By paying five hundred pounds in Tax and a further one hundred and ninety in national insurance Mr Smith was subsidising two households where the occupants were second and third generations of people who had never worked and claimed benefits.
This is due to the cause of socialism, and it's Marxist roots. People who have had an overprivelidged childhood and feel guilty about it or those who feel like the world owes them a living generally vote in this way, for a socialist party.

ii. The Livingstonian bus (expensive and pointless)

iii. A purchase made to benefit the few.

iv. The idea that the state and not individuals are responsible for their actions.
by Andrew Kirk August 27, 2008
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27
1. Socialism is an economic system based on common ownership of the means of production. Socialism aims at equalizing income. Socialism abolishes private titles in capital, especially publicly traded stock. Citizens of a socialist state each receive a ‘social dividend’ as equal owners of socialized capital. Social dividend payments can be either ‘in kind’ through distribution of consumer goods or through cash payments.

2. Socialism is an economic system that abolishes markets for financial and real capital. Socialism prohibits private speculation for profit. Socialism substitutes central planning of capital investment for entrepreneurial planning. Socialism necessarily leads to centralized economic control by political authorities and is therefore antidemocratic. The political nature of socialism leads to mismanagement of capital investment and declining living standards.

3. Socialism is an economic system that transfers income from wealthy to poor. Socialism operates on the principle of “from each according to his ability, to each according to his need. Socialism entails incentive problems known as The Tragedy of the Commons. Socialism impairs incentives for labor productivity and the care of natural and capital resources. Western welfare-redistributive states constitute limited forms of socialism.

4. Socialism is an economic system where each is responsible for everyone but themselves.
state socialism
1. The USSR and its satellites
2. NAZI Germany
3. Red China

Semi-Socialist Welfare States
1. New Deal/Great Society America
2. The Swedish Welfare State 1950-1992
3. Pre Thatcher-Post 1960 England of the Labor Party
4. Post 1960 West Germany/Germany
by economicsprofessor January 01, 2008
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