Socialism robs a country of its economic powerhouse, economic motivations, and almost all innovation and entrepreneurship. It's just the politically connected/rulers getting rich at the expense of everyone else. Followed of course by inflation, debt, poverty (see Venezuela unfortunately) and empty promises. It's the confiscation of wealth and hope by the state - just to prop itself up through schemes and confiscatory policies that are unsustainable and unjust. Why Europe never figured this out is beyond me.