Socialism

Socialism is, an economic system in which property and the means of production are owned in common, typically controlled by the system in which it resides, be it a corporation, state,  government, or small community .  'The word social comes from the Latin socius meaning "friend." When you're being social, you're everyone's friend. Go to a social, or mixer, and you might make a lot of new friends. Stand in the corner pouting, however, and you're being anti-social.

A Socialist is somebody who is social.

Socialist Economic Systems

In economics, socialism is a structure in which every person in the system has an equal share of the various elements of production, distribution, and exchange of resources. Such a form of ownership is granted typically through a democratic system of governance, but not always. Socialism has also been demonstrated through a cooperative system in which each member of the society owns a share of communal resources.

Capitalist Socialism

To an American Conservative's ear, which equates socialism with communism, it may be surprising to hear that there is even such a thing as Capitalist socialism, but educated people know better. Farmer's Co-ops across America engage in direct socialism. Any fisherman will tell you that everyone on the boat recieves a share of the catch. Often, the crew owns the boat jointly^[cn]. Everyone knows that public corporations are jointly owned by the share holders. The principal difference between capitalist socialism and some other forms, is that ownership is often not spead equally, with some owning multiple shares of the production and distribution. In Capitalist Socialism it is possible to own shares in productuon, but not distribution, as an example.

Socialism vs. Communism

In all forms of socialism, the people own the factors of economic production. The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government. 

Utopian socialism

Conservatives who saw the settled life of agricultural society disrupted by the insistent demands of industrialism were as likely as their radical counterparts to be outraged by the self-interested competition of capitalists and the squalor of industrial cities. The radicals distinguished themselves, however, by their commitment to equality and their willingness to envision a future in which industrial power and capitalism were divorced. To their moral outrage at the conditions that were reducing many workers to pauperism, the radical critics of industrial capitalism added a faith in the power of people to put science and an understanding of history to work in the creation of a more moral society.

Fascist Socialism

To a fascist, a socialist is more akin to a patriot. He voluntarily ser es his society without giving up his individuality or personality. In spite of propaganda from the usual sources, Fascist socialism has nothing to do with Marxism or Communism, and almost doesn't even qualify as economic. Fascist socialism is social, in the people sense, not the economic sense.

Fascist economics (including National Socialism, in spite of the name) do not generally qualify as "socialism" as outl8ned above. Fascist policies do not seek economic levelling, the eradication of class or private property, or the redistribution of wealth.

‘Socialism’, he retorted, putting down his cup of tea, ‘is the science of dealing with the common weal [health or well-being]. Communism is not Socialism. Marxism is not Socialism. The Marxians have stolen the term and confused its meaning. I shall take Socialism away from the Socialists. ‘Socialism is an ancient Aryan, Germanic institution. Our German ancestors held certain lands in common. They cultivated the idea of the common weal. Marxism has no right to disguise itself as socialism. Socialism, unlike Marxism, does not repudiate private property. Unlike Marxism, it involves no negation of personality and, unlike Marxism, it is patriotic.
—Adolf Hitler, Libertymagazine on July 9th 1932