And if I may make one more correction... I was researching a little more into Socialism and definitions surrounding that political system, and I discovered something interesting...
Apparently Socialism is more of an economic philosophy than a political one.
It would also seem that what I thought to be Socialism is actually a derivative of Socialism called Social Democracy. It seems to be a conglomerate of some of the pro's of Socialism, combined with the benefits of living in a Democracy, and therefore, avoiding the problem (hopefully) of a totalitarian government which then seeks to control all.
I definitely need to do more reading into this... But if you're interested, the wikipedia entry has some good stuff here.