First we need an unbiased truthful definition:
Definition of socialism
1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2a: a system of society or group living in which there is no private property
b: a system or condition of society in which the means of production are owned and controlled by the state
3: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done
Ok....now....
There are 2 major systems that govern what a country is....economic ideology, and political ideology. They are separate but are very much interlinked and self supporting or perhaps and at times at odds end.
In the USA our system of government is the belief in democracy, that government is merely a representation of the people making law and policy on behalf of the people as their elected representatives....and we have regular elections so that we can vote out the politicians who we think are not representing our will and put in new ones.
In the USA our system of economics is capitalism which basically means we believe in the idea of markets being free and let supply and demand for products and services being the main determinant of what is produced, what is bought and at what price.
Personally, I believe that structurally we have chose correctly and that most of the world have also chosen the same things that we have...democracy and capitalism. They are interdependent because they both advocate freedom and oppose tyranny. At least that is the idea.
What has happened is that in reality you cannot have straight pure capitalism because markets need to be regulated and there must be some government involvement in regulation and so forth if for no other reason but for public safety. If producers of goods were left alone, a lot of bad things would happen to consumers. Furthermore the government plays a better role in providing certain services like a post office, or a military, or police or fire department or the building of roads and bridges etc....because it makes more sense and things are more efficient that way. So even in a capitalistic society you do have a strong influence of socialism even in the most capitalistic countries.
If you did not have that socialistic element in capitalism it would adversely effect the political ideology of the country, so that as capitalism becomes more corrupt and that special socialistic sauce is receded, the democracy also becomes adversely affected and the country becomes less democratic and more fascist.
I could write a whole book about this, but in short socialism even strong socialism is an economic choice. Its not the most efficient economy because the strongest economies are those that innovate and compete and a strong socialism country would have less of both. Yet socialism is a choice that a democracy can make. Voters of their own free will can decide that they think its best that the government owns more means of production, like maybe airlines, or auto makers or maybe some grocery stores etc...Its not tyranny since the people have chosen of their own free will by elections....what is more tyranny is the country that is supposed to be capitalism leaving out the regulations part and letting things be a free for all and corporations become monopolies having way too much power. See....facebook, Google, tweeter, Amazon, etc.... this is not capitalism...its more oligarchy headedy towards fascism...... and there is more. As these profiteers get richer and more power they seek to control government more to have their ideal systems in place to make more money. Business and government interests merge, the people are put on the back burner, democracy becomes the enemy and voila...you have a fascist state. This is pretty much where we are now in the USA.