Actually, socializing the loses and privatizing profits it is rather
communism. The similarity between them is evident.
A small oligarchy take decision in the name of everybody else, pickpocket
all the profits but socialize the loses.

Here is a fragment from an older post where I explained what communism was
from the economic point of view:

========================================================================

.......

If you look everywhere, NOT A SINGLE communist was democratic NOR
egalitarian. The claim that "communism was egalitarian" it was nothing more
than a pathetic propaganda lie, exactly as every corporation today say
that "we care for our employee. YOU are our biggest asset".

I explained to you the facts about the communism last year, but you seems
not to remember them.Let try again:

Just take a second to try to think of the basics. Can you own a planet in
Andromeda ? No. Why? Because you can not have any form of control over it.
Now, if you understand that, then you also got the idea that the relation of
ownership imply the ability to control the good owned.

Now, let consider a good owned in common with others (like a house inherited
by many brothers). The decisions involving the good owned in common are
taken by VOTE. Therefore, democracy it is a "sine qua non" condition for a
society having common goods.

However, in EVERY SINGLE communist country as soon as the communist
oligarchy took the power they suppressed the democracy. By suppressing the
democracy, they automatically misappropriate the ownership of the common
good, aka THEY STOLE IT. As a result, far away from being egalitarians as
they claimed, the communists were a cleptocratic plutocracy. A society
where an oligarchy owned anything and the rest of the population were
slaves to the oligarchy.
Something like in the slavery system from Ancient Rome.
The only difference between the Roman slavery and communist slavery was that
in the Roman empire the slaves represented less than 33%% of the population
while in the communist countries, the slaves represented over 99%% of the
population.

But to claim that communism was an egalitarian society it is as idiotic as
to claim that Ancient Rome was an egalitarian society, because they had
slaves and all the slaves were equal with each other (they own nothing).

I hope that once for ever I put to rest the pathetic mythology that
communism was an egalitarian society. Far away from that. Communism was
probably the MOST unequal society that ever existed on the face of the
planet. Just use the Ginni coefficient

http://en.wikipedia.org/wiki/Gini_coefficient

for a society where a small oligarchy own everything and everybody else
is "equal" to almost zero.

The idiocy of "in communism everybody is equal with everybody else" it was
just a disgusting propaganda spewed by the ruling class who coerced
everybody else in slavery. Yes, it was corporate marketing at it best.

--
The world of the future will be fully democratic or will not be at all.

Democracy Highlander

P.S.:
When I say "democratic", I use the word democratic coming from democracy not
from Democratic party. I am not connected in any way with Democratic party
and if they fail to do as promised and cut corporate corruption I have no
problem to turn on them and blog against them too.