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Ah, ok... That's experiencing a bit of everything, a combination. Like China is only a communism in doctrine, but has (partially) opened up to the open markets and individual wealth. In the socialism we experienced in our country, everything was owned by the state, and the only people who were doing very well were the ones that were "tolerated", from the high ranks of the communist party or the equivalents of CIA and NSA (more or less). Plus those who could travel easily abroad (yep, that was a big issue!) or at a lower scale, who was in charge of distributing or selling resources (i.e. food, which was often rationalized, as was electricity, heat, hot water, or TV). Yes, we had free education and healthcare, but we were practically in the stone age when it comes to equipment.

The guy New Yorkers elected seems to be of the "extreme" socialism kind, although I don't care enough to look more into this.