To be honest... Socialism should not be a bogey word because Authoritarian donkeys* used it as a pretext to oppress people. Every system has its flaws. Especially in implementation. We can not blame socialism, which I define as valuing society more than the sum of its parts... for the shortcomings of human nature.
We have to realize all people are equal, and as such equally corruptible. Absolute power corrupts absolutely... The chair is the evil, the person in the chair becomes prey of the agency/institution.
However, we have made such strides in science in the last 70 years I believe we can use technology to create 100%+ self sufficient entities. Think vertical farming, alternative energy mining, service based economy.
I further believe we can use such tools to limit the power of any one entity through technological, fully transparent means. Think block-chain.
That for me is Idealized Socialism. Where the greatest value is human capital, and knowledge in a sea of unknowns and ignorance.
The Netherlands for example lacks land, they have to reclaim land from the sea, being already below sea level. "The low countries" is a designation for a reason.
However the Dutch are like the 3d biggest agricultural producer in the world. Far exceeding domestic needs.
If we could organize society in a way where all individual actors incentives are aligned, while using technological strides to increase efficiency in energy, food production, education, medicine I am sure a new Zeitgeist would approach. Edit so I don't get misunderstood: I believe capitalism is the best possible system at the moment. Capitalism and Socialism are not mutually exclusive in my opinion. You can have life liberty and property (pursuit of happiness) in Norway too... despite it being a socialist leaning society, and operating very efficiently in the capitalistic system.
Very beautiful read from 2005 on how Norway nationalized their oil reserves into a sovereign wealth fund, the biggest in the world atm.
(
https://www.wsj.com/articles/SB113340298608010935) Paraphrasing: They had the best mathematicians, economists, financial analysts, engineers, or anyone to provide good answers. What the Norwegian govt. did not know was the questions to ask. Hence they hired some British philosopher (IIRC) to frame the problem in the right question. And then answered it: Sell the oil, put the receipts into a National Sovereign Wealth Fund and invest it in the market. Such brilliant socialism, and such brilliant capitalism at the same time.
Michael Moore video was the shortest so excuse me for providing this guy as a source. Since I know he can be politically divisive. Don't mind the presenter, mind the content of the video.
(
https://www.nbim.no/) Fund Web Page...
We can see how the 5 Million Nation of Norway is punching much above its weight with competitors such as USA, China and Russia.
But then again, I know my weaknesses as an Idealist and hopeless Romanticist. xD