Memes

This is all true - state intervention and state-owned businesses and funds bring about a positive change for the majority, and they should be there, but seriously calling those economies socialist would be missing the definitional mark, which is what I have highlighted.

I do believe that moving entire economy under public control would be beneficial, and that, actually, will be what can be called "socialism". Virtually no country, except for heavily sanctioned and blatantly tyrannical North Korea, is currently there.

What we have right now, with heavy state intervention, is certainly better than "free" market economy though, and it reflects in quality of life for the economically disadvantaged - this very intervention leads to these economies following a different path compared to traditional capitalist societies. I do not argue there is no difference between China and, say, US in that regard - the difference is big, it's just not what it takes to call the economy socialist.