Socialism is a system of socio-economic engineering invented by aristocrats to give the masses just enough to keep them from being too angry so they do not rise up against the rich. Socialism was invented in the wake of the Paris Commune Uprising to make sure nothing like it ever happened again. The poor starving masses are given certain benefits so the Old Money families can get on with their animal sacrifice rituals without interruption. Think of it as a kind of high-quality starvation diet meets socio-economic protection racket. Similar to Capitalism, the system is equally hard-wired to prevent socio-economic mobility from taking place. In both systems, the chances of the very poor getting to the top of the pyramid are incredibly slim.
Charity and sympathy for the Third World (along with imaginary or wildly overblown oppression of endlessly increasing numbers of 'minorities', with citizens always 'knowing their place') is a major factor within Socialism.
'Hey, look how much worse off they are in Africa..." It's all about control and keeping the rich safe.
In the British version of Socialism, enterprise, hard work, having a talent and then becoming wealthy as a result is programmed into the masses as being 'shameful'. This is a method used to prevent New Money from diluting Old Money. Which is why hardcore Socialist activists tend to come from Old Money families.
There is nothing more to know about Socialism. That's it.
Socialism Pros: basic state-funded education (with heavy indoctrination), basic universal health care, limited forms of egalitarianism among the lower and middle classes
Socialism Cons: culling of population to reduce 'state burdens', romanticising of poverty and misery by wealthy poets.