Socialism is a symptom, not a system, omnipresent in all the concoctions humanity has built. Socialism can exist in any system, as I write about how it does in capitalism. So, it’s essential to understand socialism is not the antithesis of capitalism; much of our capitalism is oligarchically controlled socialism. Examples abound, right here in the U.S.
The sad part about socialism is that it reduces the ability to find and breed outliers of innovation capable of changing the world for the better. Socialism, by definition, relies on social acceptance and conformance to group-think, which at max can yield continuous downstream optimization with inevitable sub-priming as a last resort. Socialism will systematically refute any upstream innovation, i.e., dissidence, needed to change the world.
To get this crazy notion out of the way: giving all people access to affordable health care is not socialism, even though many countries which some describe as socialistic provide it. Healthcare and other public provisions are merely ways to establish optimal individual freedom with the protections and guardrails supplied by collective freedom. Freedom cannot exist without paradoxical rules of collective freedom.
The confounding of terms and definitions are thrown around in economics with everyone having their interpretation, is the reason why our predominant religions of economics are so meaningless, and the debates are endless. One ought not to debate the outcome of a definition without agreement on the meaning of the definition.
Hence the reason why I am reinventing the operating-system of humanity.