Socialism has gotten a bad reputation over the years, however this is only the case because most people do not know about socialism and /or go not understand it. Socialism is a political and economic theory like any other. According to socialism, everything should be owned and shared equally by a community.
However, socialism does not mean that nobody owns anything. People do still own their own personal belongings, such as clothes or other person possessions. Still, people do need to share all resources, as well as work for the common society. This includes all means of production, distribution, and exchange should be owned by the community as a whole.
In socialism, the decisions are to be taken by the society as a whole. However, in practice, no one has been able to implement an ideal socialist society. In practice, something always goes wrong. Often, it is the fact that the decisions are not taken as a group, but rather by a selected group of people. This gives rise to important party members or leaders, which is against socialism.
The second problem that affects a socialist society is the fact that people stop working for what they want, because all benefits are shared equally by everyone. Here, the problem rises due to the fact that a hard worker and a not so hard worker both get the same salary, amount of food, benefits, etc. So, naturally the hard worker question why is he working so hard for the same benefits. Usually what happens is that everybody works, but the benefits are received by the leaders.
Due to these problems in implementing an ideal society, socialism often degrades into communism, where people have limited or no rights, the leaders oppress the people, there are not enough resources to support the population, etc. This is what happened to the USSR and North Korea.
However, most countries have adopted some socialist ideals and incorporated them in their own government systems. This is evident in benefits that are available to all citizens regardless of their social class, as well as benefits available to low socio-economic income group to help support them. These benefits support equality among all citizens, as well as they tout the socialist characteristic of sharing resource. To support these benefit programs, the government collects taxes from its citizens, i.e. excess resources, and distributes them among people who have less resources.