@ Ben Levi
A googled definition without attribution……………..
That said, I have no problem with regulation by the community as a whole. That means a representative government sets the rules. Things such as permits, OSHA, minimum wage, workers’ compensation insurance, Unemployment Insurance tax, EPA requirements, etc.
“Owned” is not really socialism, it is Communism, which I do not favor.
Someone in this thread keeps posting Communism/Socialism as if they are one and the same. NOT, also the OP’s question was about Socialism, not Communism.