"If U.S. welfare standards were introduced in Europe, "we would have revolution, not tomorrow, but

[midnight]

13. The privateers have done a good job to scare people away from the idea of socialism...

so·cial·ism noun \ˈsō-shə-ˌli-zəm\

Definition of SOCIALISM

1
: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2
a : a system of society or group living in which there is no private property
b : a system or condition of society in which the means of production are owned and controlled by the state
3
: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done
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Examples of SOCIALISM

She is quite right, for example, to stress that Thatcher's crusade against socialism was not merely about economic efficiency and prosperity but that above all, “it was that socialism itself—in all its incarnations, wherever and however it was applied—was morally corrupting.” —Stephen Pollard, New York Times Book Review, 18 Jan. 2009

http://www.merriam-webster.com/dictionary/socialism