Common ownership under socialism may take shape through technocratic, oligarchic, totalitarian, democratic or even voluntary rule. Prominent historical examples of socialist countries include the former Soviet Union and Nazi Germany. Contemporary examples include Cuba, Venezuela, and China.

Due to its practical challenges and poor track record, socialism is sometimes referred to as a utopian or “post-scarcity” system, although modern adherents believe it could work if only properly implemented. They argue socialism creates equality and provides security – a worker’s value comes from the amount of time he or she works, not in the value of what he or she produces — while capitalism exploits workers for the benefit of the wealthy.

Socialist ideals include production for use, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services. Or, as an old socialist slogan describes it, “from each according to ability, to each according to need.” (Investopedia)