Loli....Do you want an official definition from Meriam-Webster?"a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies.
However, if you research in depth, you'll find many various descriptions. You'll also find it's a system always doomed for failure (for the "people.") Anyone who might doubt this should probably just look at our own country (which is not a socialist Nation) and realize the total "mess" made out of everything & anything run by the government.
Government was never ever meant to literally "take over"...and they definitely should NOT.
Gone are all the things that the "people" want & need. Gone is our privacy, rights & freedoms. We become OWNED and 100% dependent upon those is charge. Control over our own lives would be non-existent.
Just study closely in terms of government-run programs.
Examples? Communist Russia for one. You can learn all you wish to know about Socialism by researching......and IMHO, what you'll come away with is that WE HERE IN AMERICA DON'T REALLY WANT TO KNOW VIA EXPERIENCE...! Peace, Paula