Being I’m probably as dumb as the next person when it comes to the meaning of socialism as I just classified it as another political ideology or philosophy. So, I decided to look it up. I would wager folks my age equate socialism with the old USSR. As I stated before, I have no idea what the younger one’s associate socialism with. Below is the official dictionary definition.
Essential Meaning of socialism
: a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies
Full Definition of socialism
1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2a: a system of society or group living in which there is no private property
b: a system or condition of society in which the means of production are owned and controlled by the state
3: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done
https://www.merriam-webster.com/dictionary/socialism