What is socialism? In general, socialism is an economic/political philosophy based on public ownership of the “means of production.” Although socialism has been implemented in many forms and iterations over the past several decades, its common denominator is a collectivist mentality that relies on the government to be the all-knowing provider of goods and services. In a socialist system, the government determines the allocation of resources, whereas in a capitalist (or free-market) system, supply and demand via the marketplace determines how scarce resources are allocated. Socialism is averse to individual liberty because it abhors private property rights and emphasizes collectivism, primarily through massive wealth redistribution schemes, to the detriment of competition, entrepreneurship, and personal responsibility. Inevitably, socialist systems are doomed to fail because they deter economic innovation, rely on government coercion, and are antithetical to human nature. As Margaret Thatcher said, “The problem with socialism is that you eventually run out of other people’s money.”