Socialism is the public ownership of the means of production.
In theory, the way it works is that we all produce for the collective. Any extra that you produce does not go to you. Rather, it goes to the group. The reality however is a different story. When the state collects too much, then the incentive to work diminishes. Why would anyone work harder to support the wives and children of other people? At some point they don't- especially if it is forced on them.
When socialism is implemented it fails. Look at the famine and death caused by Stalin's collectivization in Ukrain int he 1930'. Look at what happened in Ethiopia after Mengistu Haile Mariam instituted a similar agriculture collectivization in the 1980's. All caused famine and death.
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Source: http://neilski.typepad.com/chicago_gold_and_silver_i/2012/11/why-socialism-fails.html
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