I agree with Tony, describing socialism, or any economic system, is complicated at best, and would take far more time than any of us have in this venue. So, if one wanted to obtain a good understanding, visit your local library, or take a few college courses. However, I think that Winston Churchill was a pretty smart guy (I would hope most people would agree) and here is one thing he had to say on the topic:
"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery."
I don't know about anyone else, but I think that sums it up as well as anyone has.
It doesn't sum up socialism, it merely calls it names. Churchill, born in Blenheim Palace and raised to a life of alcoholic privilege in and out of various political parties with Trump-like frequency, was never a student of economics, and his social policies were restricted to ordering the army to fire upon striking coal miners. I wouldn't go to him to learn about socialism.
Sometimes, one can gain insight into a term by examining its opposite. The opposite of "socialism" is "individualism". The "social" in "socialism" means "society." The opposite of the society is the individual. The various economic policies and political arrangements employed to implement socialism are many, varied and complex. As you point out, so general a topic is beyond the scope of this thread.
I would suggest that pretty much everyone agrees to the general idea that humans are social animals, that each of us exists in the context of a family and our family with the context of a society, at least for most of our individual lives.
Where to draw the line between the individual and the larger society tends to be a key distinguishing feature of issues in socialism.
Best answer yet, thank you. But there is a variable that I think you are missing. That variable is human nature. Human nature that makes us want to defer authority to other humans with the same flaws we have. Humans that want to control, and stamp out what we don't like. Humans overall are good to each other, but if we've learned anything from milgrams experiments on submission to authority, most of us obey orders that are morally wrong. Humans will also do things morally wrong, crazy, and questionable just to fit in with what we perceive is the social norm. How do we then protect ourselves from these moral blind spots we've seen time and time again throughout history?
The classic answer comes from Plato, "There will be no end to the troubles of states, or of humanity itself, till philosophers become kings in this world, or till those we now call kings and rulers really and truly become philosophers, and political power and philosophy thus come into the same hands."
The Enlightenment answer was democracy with a faith not unlike Adam Smith's faith in the Invisible Hand of the Market, that an invisible hand of the people, what Rousseau called the General Will, would create a social consensus based on the common understanding of the good.
When the Industrial Revolution seemed to show that democracy by itself wasn't up to the job, Marx and Engels added the requirment of economic equality to political democracy and modern socialism as a political philosophy was born.
If we have learned anything since Marx it is that government is an essential incredient. The state cannot "wither away" under the beneficent glare of equality as Marx and his disciples thought, it must remain central and activist in maintaining both equality and democracy. The socialism which dominates political economic thought in advanced democracies is one which constantly adjusts laws of all sorts in order to sustain and advance democracy and social justice.
This constant adjustment and tinkering is now accepted as the best system we can get in this imperfect world and the original vision of a climactic revolution that would bring about permanently stable social institutions seems now as naive as the faith of those Millerites who stood clad in white garments on hillsides of America in the 1840s, confidently expecting the end of the world at dawn