The basic concepts of socialism are as follows; the main idea is that people should live in an egalitarian society where everybody would contribute as much as he can and take as much as he needs, this would give us a society where everybody would be equally well off and nobody would have less. Everything would also be state owned - this has been a solution that happened in the past.
In my opinion, pure socialism cannot succeed but perhaps using some things from it could be very beneficial.
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<span>capitalism: private property
socialism: government property
capitalism: market determines what gets produced and consumed
socialism: government regulation does
capitalism: long-term economic growth (despite short-term recessions)
socialism: steady stagnation
capitalism: constant technological progress
socialism: copying capitalist technology </span>
