Socialism is a political ideology which seeks stem runaway inequality caused by capitalism.
Ironically, the apparent objective of Capitalism (its Manifest Destiny) is to become super rich, yet a healthy economy depends upon everyone having plenty of money to spend. The concentration of wealth is in opposition to a healthy economy.
Socialism implemented by a government is at its root an artificial redistribution of wealth in an attempt to correct for the advancement of the cancerous disease of concentrated wealth. A truly healthy culture would accomplish that without governmental imposition - but when have humans naturally tended towards natural cultural health?
As a species, we have several screws loose. Always have had, I fear.
“You never change things by fighting the existing reality. To change something, build a new model that makes the old model obsolete.” – R. Buckminster Fuller