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.
It's said that Socialism has derived from the work of Karl Marx, who wanted to first form an economic system without the issue of competition and need for money. He concluded that to form this economic system, the drive for profit must decrease and the market mechanism must be lowered in order to construct this system.
In Chapter 2 of Ludwig Von Mises book, he talks about Socialism and the aim for it to transfer the manner of manufacturing from a privately owned property to the state. If the state is in control of the factories and production going on, they can decide who is in power and make all the companies the same, to make the world wide.
http://www.econlib.org/library/Enc/Socialism.html
http://mises.org/books/socialism/part1_ch2.aspx
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