The understanding of Socialism varies so widely among different people, that I genuinely struggled with this post. There are numerous political and economic theories, philosophies, and movements that encompass this term. Here are just a few examples

The only common element across all these systems is the idea of social ownership of the means of production. Some of the theories reject private property entirely, while others support a mixed economy.

The differences between types of socialism can be illustrated with modern-day Venezuela and Norway. Both countries are quite socialist, characterized by high taxes, free healthcare, and abundant oil resources. However, life in these countries is very different.

Today, nearly every European country has a socialist party in parliament. Most of them represent social democracy ideology.