It’s a good question, and people above have answered it, and of course you can google it.
I’m my opinion in America the thing to remember is politically the word socialism is going to terrify Republicans and trouble a portion of Independents and Democrats. Sounds like a loser right there, and yet a lot of Democrats think it’s something to brag about.
Part of the reason it is terrifying is because some people conflate it with communism, and communism means the government takes over ownership of businesses and controls your life, and historically makes practicing religion illegal and promotes atheism. That last part is also very important to our religious right in the Republican Party, but I’d say the majority of Americans who are religious or not don’t want the government promoting or forcing any religion or lack thereof.
I think the Democrats need to stop using the word socialism and just fight for the particular social systems we want. This is how we did it for the last 60 years, but now that’s changing. America traditionally is not referred to as a socialist country, and becoming socialist is a huge deal for America. Most people, me included, are wary of socialism going too far. It really sounds great on paper, but has it’s problems. Capitalism also is great, but in its extreme it isn’t good either, it needs to be reeled in through regulation and the power of the people (often dine by labor unions) when it gets out of control.
Leaders like Chavez in Venezuela called himself a socialist (I say he was more like a communist) and that country fairly quickly has gone downhill. He’s no longer president, but the chaos continues. Then there is the example of the Nordic countries that seem to do ok with socialism. Here’s the thing, the Latín American voting block in the US is a big deal, and if they fled Venezuela or Cuba to come to America, or listen to Spanish TV where they hear about these countries on the news, the Latín American examples are way more real to them than Denmark.
I think the Nordic countries have more trust in their government, and American used to feel pride that our government was not corrupt like the “third world” but now in America everyone talks about not trusting politicians and government, and so putting more power and money into the hands of the government sounds illogical.
It’s all very tricky. The thing to remember is there are almost always unintended consequences of significant government policy shifts, so we need to research well, be honest, be aware, and be willing to constantly evaluate and change.
If predictions are right, automation and robotics will be putting a lot of people out of work, and then capitalism might cease to work as well as it has in history, if you agree that the best set up is when we have a large portion of the society living as middle class where people are able to afford all necessities and some extras, and save. This new world of technology and high unemployment is what some people are trying to get ahead of to reduce suffering.
Socialism strives to make sure everyone in the society does have basic needs met, but since we are still a monetary based society, that means the government has to redistribute the money in some way as the wealthy get more wealthy. In Socialism that’s often done through taxation. Other methods of redistributing and controlling wealth are capping profits, raising minimum wages, breaking up monopolies, and there are more.
What I would emphasize most is make sure you are really thinking through all the side effects of the policies that sound good to you, and look to see if the policies address underlying causes of the difficulties in society. An example is healthcare; is the only problem affording the care, or is part of the problem the cost of the care and the fraud and exponential profits in the system?