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.
And more often than not when socialism is implemented by government, whether by revolution or decree, the changes are too much for a rather delicately balanced economic system. And ALL economic systems are delicately balanced.
Evolution doesn't happen overnight and it doesn't happen on demand. It comes one candidate and one ballot box initiative at a time.