Geeesh Bobert .... I was keeping it simple and to the point ....below is the 3 first paragraphs on Wiki .... which pretty well defines what the Free Dictionary defined it as.
What you listed above are the basic principles of any democratic and yes un-democratic government adheres to .... you forgot to add the one point where it's the government job to ensure the trains run on time .... ;-)
Anyway here's the first 3 paragraphs from Wiki if anyone want to take the tiem to read.
Socialism play /ˈsoʊʃəlɪzəm/ is an economic system characterized by social ownership or control of the means of production and cooperative management of the economy,[1] and a political philosophy advocating such a system. "Social ownership" may refer to any one of, or a combination of, the following: cooperative enterprises, common ownership, direct public ownership or autonomous state enterprises.[2] There are many variations of socialism and as such there is no single definition encapsulating all of socialism.[3] They differ in the type of social ownership they advocate, the degree to which they rely on markets versus planning, how management is to be organized within economic enterprises, and the role of the state in constructing socialism.[4]
A socialist economic system would consist of an organization of production to directly satisfy economic demands and human needs, so that goods and services would be produced directly for use instead of for private profit driven by the accumulation of capital, and accounting would be based on physical quantities, a common physical magnitude, or a direct measure of labour-time.[5][6] Distribution of output would be based on the principle of individual contribution.
As a political movement, socialism includes a diverse array of political philosophies, ranging from reformism to revolutionary socialism. Proponents of state socialism advocate for the nationalisation of the means of production, distribution and exchange as a strategy for implementing socialism. Social democrats advocate redistributive taxation in the form of social welfare and government regulation of capital within the framework of a market economy.[7] In contrast, anarchism and libertarian socialism propose direct worker's control of the means of production and oppose the use of state power to achieve such an arrangement, opposing both parliamentary politics and state ownership over the means of production.