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It's when the government controls the economy. When it says "the means of production, distribution, and exchange should be owned or regulated by the community as a whole", it means community as a whole as the state. It used to be a synonym of communism. State capitalism and state socialism is the same thing.
"CHINA ISN'T REAL SOCIALISM, IT'S STATE CAPITALISM"
"What's the difference?"
Socialism is a socio-economic and political philosophy invented by some drunk kid trying to get pussy in his Current Social Issues class at Devry University. Common proponents of socialism include men under 5'8" with curved penises, butthurt Turks and Iranians, people that are online for 10+ hours a day, retarded 19-year-olds with no life experience, and champagne progressive political figures who like to say socialist shit in media drive-by shots.
The definition of 'true' socialism and its historicity remain contentious topics of debate, but most definitions generally include the position that people should get to decide when they get to use the bathroom at work. Some proponents of socialism argue that it is whatever form of government "makes it so they can stop making shit with their hands and like, uh, just do internet stuff."
Despite common sense suggesting that socialism is antithetical to the driving forces of innovation, incompatible with modern meritocratic frameworks, incongruous with efficient resource allocation, prone to logistical inundation, contingent on everyone simultaneously becoming less self-important than its proponents, and reliant on the same collectivist principles that precipitated the worst living conditions and crimes against humanity in recorded history - socialists are certain that it's way better than the systems that took humanity from shitting in holes in the ground to palm-sized supercomputers with proto-AGI in 120 years.
Socialist #1: Oh my god, did you see AOC's "Tax the Rich" dress, hand-crafted by millionaire designer Aurora James, that she wore to the $35,000-per-ticket Met Gala? Soo socialism.
Socialist #2: She has my vote.
When you can't do something yourself because the system wasn't designed for independence and you either have to talk to someone or more people aligned on the solution or ignore the problem and hope it goes away.
Socialism is when I couldn't answer all the test answers correctly without speaking to the lecturer.
Socialism is when I couldn't run the build my programming application without speaking to the lead developer
Socialism is when I couldn't renew my vehicle license without going to the licensing authority
Socialism is when I couldn't renew my passport without going to an agency or home affairs.
Socialism is when I could query my bank account transactions without calling someone at the bank.
Socialism: a type of society where the government oppresses the people instead of the people oppressing each other.
"There is no great depression in socialist Russia, just a great oppression"
Socialism in action.
Far-left dictatorship where everyone (rich, middle class and poor) becoming miserable with the government taking private properties and businesses. Killed nearly 130 million people.
I hate socialism.