Socialism originally involved the replacement of private property with a market exchange, but history has proven this ineffective. socialism cannot prevent people from competing for what is scarce. Socialism as we know it today, most commonly refers to "market socialism," which involves individual market exchanges organized by collective planning.
People often confuse "socialism" with the concept of "communism." While the two ideologies share much in common -- in in fact communism encompasses socialism -- the primary difference between the two is that "socialism" applies to economic systems, whereas "communism" applies to both economic and political systems.
Another difference between socialism and communism is that communists directly oppose the concept of capitalism, an economic system in which production is controlled by private interests. Socialists, on the other hand, believe socialism can exist within a capitalist society.
-- French historian and political theorist Alexis de Tocqueville
“As with the Christian religion, the worst advertisement for Socialism is its adherents.”
-- author George Orwell