re: What is your definition of socialism? And why or why not is it an effective system?

Whenever political labels are discussed, everyone turns to examples from the past to describe their enemy. Conservatives talk about revolutionary socialism, which began dying out after WWII and hardly exists anymore. Liberals talk about capitalism as if it were all of the laizze faire variety, despite that it was discredited after WWI.

The truth is that most governments today have a mixed economy and use a little of both. The differences are in how much of each is used and how they use it. So talking points about economic labels aren't worth a hill of beans.