Socialism is based on the state controlling large industry while allowing small businesses the opportunity to exist and succeed. In theory it sounds wonderful: all of the resources are going into one location (the State) and then doled out to those that need it best. In practice that is not exactly what occurs.

1. When the idea is Utopian or simply idealistic, people are not. Theft, inefficiency, corruption, and graft is rampant. People have a natural urge to be better, stronger, wealthier and more successful then their neighbors. So in practice while it sounds nice that everyone has equal standards, that equality is generally on a very low level. To go off @girmant response, there is no stimulus to expand, grow, or innovate.

2. Innovation dies. When the system only has one option, that option becomes the ONLY option, with better or more efficient options over-looked, avoided, ignored, or stepped over. Remember the concept of Ma Bell--it was a telephone monopoly that was finally broken up by anti-trust. Before the break-ups, phone calls were unwieldy, expensive, unreliable, and customers had to buy an expensive phone from the company that they had to return. After the break-up, now calls overseas can cost pennies a minute, phones have been invented that can do everything but take out the garbage for you, and average standards have tremendously increased.

3. Even in equality, there are people who have more then others. In a capitalistic society, those that have more have earned it (or inherited it). If someone is foolish, silly, or otherwise unlucky, that person can lose their fortune. New blood can constantly be brought up that can invigorate, innovate, and make society better. In a socialistic society, the only people who have more are generally the politicians or those who are "connected". To maintain that power, politicians need only to become more corrupted or to suspend elections (or just have their own candidates running). There is no invigoration, innovation, or societal growth.

As someone who grew up in Soviet Ukraine, I know first-hand how socialist regimes work. They don't. People want growth and development, and as someone who went through "universal health care" there that was considered "the best in the world" I can only hope and pray others do not make the same mistake.

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