Socialism is theft of wealth by government. That can take the form of fascism, where theft of wealth occurs through market manipulations and oppressive regulations, or communism where government outright steals the business or property itself.
Some of that stolen loot is given to non-productive people in society (first taking a fat cut for themselves, of course). The idea is to buy votes and support for the government.
Socialism must at some point fail. Eventually, it runs out of places to steal wealth from. It can only be implemented by dictatorship or oligarchy, since people don't want their wealth stolen.
All forms of socialism have an 'elite', or those that support the dictator or oligarchy in power, and are given special benefits by the same for doing so. All forms of socialism practice 'rules for thee but not for me'.