Socialism is the theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution of capital, land and etc.
Karl Marx in his definition called it the stage following capitalism in the transition of a society to communism characterized by the imperfect implementation of collectivist principles.

Which brings us to communism which is the theory or system of social organization based on the holding of all property in common actual ownership being ascribed to the state. What we knew of the Soviet’s system in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.

Now we go from two systems of varying governmental control to a system or theory where we see the absence of all direct or coercive government as a political ideal and that proposes the cooperative and voluntary association of individuals and groups as the principal mode of organized society.

I would argue as being a member of the 99 percent in a society that purports to operate within the laissez-faire capitalism framework, the economic meltdown almost felt like the beginning of economic anarchy due to the financial sector engaging in casino like behavior because of all the prior deregulation of the 1980’s and 1990’s.