http://thedebtweowe.com/the-nature-of-the-socialist-un-vision/socialism

Socialism is an economical and socio-political system characterised by the collective control of production and distribution of money and goods. The common criteria for all the forms of socialism is that communal property replaces private property. In socialism both individuals and state are meant to express will of the whole community. This is its main difference from conservatism which puts state above individuals, and from liberalism which puts individuals above state.