What is Socialism?

I guess the feel good definition is when a community of individuals pools their resources to help the disadvantaged.   This sounds good but it is not the correct definition of socialism.

The true and correct definition is— socialism is a form of government where the government controls the three factors of production (LAND, LABOR, & CAPITAL) either in large measure or in toto.   At best you are a serf and at worse you are a slave.

This is why Nobel Prize winner in economics, Friedrich Hayek, stated that Socialism is Slavery.

Be Solvent & Prosper.

Sanford Kahn, Business Author/Speaker