Regulated by the whole community, Kind of.
What is socialism?
The pros of socialism
Medical Equality: Socialized healthcare means everyone receives the same minimum healthcare regardless of employment.
Social and Economic Equality: Public education, minimum wage, food stamps, public housing, and social security.
The cons of socialism
Entrepreneurship: As a result of higher taxes, it would be harder for entrepreneurs to start a company.
Less Rags-to-Riches: Because people are guaranteed a minimum standard of living, there is less motivation to want to get a better paying job and/or a better education.
Inequality: It is impossible to completely remove all inequalities, therefor socialism doesn't completely work.
Communism: Socialism can often lead to communism.