"The essential characteristic of socialism is the denial of individual property rights; under socialism, the right to property (which is the right of use and disposal) is vested in “society as a whole,” i.e., in the collective, with production and distribution controlled by the state, i.e., by the government.

Socialism may be established by force, as in the Union of Soviet Socialist Republics — or by vote, as in Nazi (National Socialist) Germany. The degree of socialization may be total, as in Russia — or partial, as in England. Theoretically, the differences are superficial; practically, they are only a matter of time. The basic principle, in all cases, is the same.

The alleged goals of socialism were: the abolition of poverty, the achievement of general prosperity, progress, peace and human brotherhood. The results have been a terrifying failure — terrifying, that is, if one’s motive is men’s welfare.

Instead of prosperity, socialism has brought economic paralysis and/or collapse to every country that tried it. The degree of socialization has been the degree of disaster. The consequences have varied accordingly."

Ayn Rand, The Virtue of Selfishness, 86