If we are using the American native (no pun intended) definition of socialism it includes things like the wellfare state established in england after WW2. That has nothing to do with controlling the means of production, rather the idea is mutually agreeing to a larger degree of redistribution. The nanny state takes care of you from the cradle to the grave.
It works just fine, it's not 'broken', or 'bound to fail' it's just a different way of life than you are used to.