It’s going to depend upon what the individual understands when he hears or reads the term socialism.
As an Idea Socialism is fine.
Dictionary.com offers this definition:
*a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole. *
Wikipedia offers a more involved definition:
is an economic system in which the means of production are publicly or commonly owned and controlled cooperatively, or a political philosophy advocating such a system. As a form of social organization, socialism is based on co-operative social relations and self-management; relatively equal power-relations and the reduction or elimination of hierarchy in the management of economic and political affairs
As defined above it is no better or worse than any other “-ism”. It is a system of thought that if ideally applied will produce good, and be of benefit to the population.
The problem with socialism as it has been applied though is quite different from the definitions above, either due to greed of individuals or due to trying to mix different and competing forms. As a result, what people see is the result of attempts to apply socialism improperly and that have failed (or are failing).
So - If I give my opinion on socialism as an Idea…I think it’s just fine…No better or worse than Communism or Capitalism as an Idea.
If I give my opinion on Socialism as a practical social and governmental system…History demonstrates it is entirely too susceptible to abuse. I don’t think it could work in any but the smallest and most specific applications…For instance, “Shakers” ran a socialist type system. Most Monasteries are “socialist” in that most everything is held in common. Some companies today are owned and operated by the employees - a socialist type model.
To try to apply any of these very limited applications to a full fledged governmental system fails for the very basic reason that, those who seek the benefits, do not wish to pay for them…We are seeing this very thin in the US as we move toward a more socialized model. The People look to the government for help (which costs money) but the People will do not support raising taxes sufficiently to cover the benefits they seek…this dichotomy simply cannot support itself in the long run…
Peace
James