Wikipedia offers the following insight on the topic of socialism:

Socialism is an economic and political theory based on public ownership or common ownership and cooperative management of the means of production and allocation of resources.^[1][2][3]

In a socialist economic system, production is carried out by a public association of producers to maximize use-values (instead of exchange-values), through economic planning of investment decisions, distribution of surplus, and the use of the means of production. Socialism is a set of social and economic arrangements based on a post-monetary system of calculation, such as labor time or energy units.^[4]

Socialists advocate a method of compensation based on individual merit or the amount of labor one contributes to society.^[5] They generally share the view that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital and derives its wealth through a system of exploitation. They argue that this creates an unequal society that fails to provide equal opportunities for everyone to maximise their potential,^[6] and does not utilise technology and resources to their maximum potential in the interests of the public.^[7] Reformistand revolutionary socialists disagree on how a socialist economy should be established.

Doesn’t sound like such a raw deal to me.  What do you thnk?