 Socialism is community ownership and control of the means of production and distribution, of capital, land, etc.  See http://en.wikipedia.org/wiki/Socialism .
<p>
<b>Flaws:</b>
<ol>
<li>How does the community exercise control?
<li>What is the motivation for the community to control it?
<li>Would the controlling staff make higher or lower wages than the production workers?
<ul>
<li>If yes, why would a production worker continue and not become a controller?
<li>If no, why would a controller continue and not become a production worker?
</ul>
<li>What happens when community control breaks down (see 3.)?
</ol>
 Capitalism is its theoretical foe.
