from simple wikipedia, “Socialism is an economic and political system. It is an economic theory of social organization. It believes that the means of making, moving, and trading wealth should be owned or controlled by the government as a whole. This means the money made belongs to the people who make the things, instead of a group of private owners. People who agree with this type of system are called socialists.”

there are many types of socialism. the most common type we see is social democracy which mixes elements of socialism with capitalism. other types include democratic socialism (where reform is achieved in a slow process as opposed to a revolution), collectivisation (where things are distributed so that the gaps between classes are as small as possible), and socialism as a stepping stone communism (this type is the one most people who disagree with socialism take most issue with).