All power will reside in the hands of the people. YOU'VE READ THE LIE that socialism means nationalization, or government ownership and control of industry. Government ownership is bureaucratic management of industries that have outgrown management by individual capitalists or combinations of capitalists. For the workers, government ownership is merely a change of masters - it brings no solution to their problems. Socialism is not a mere change of masters.
Socialism means complete control of their tools and products by the workers.
Not a state, not the capitalists, not a bureaucracy, but the people collectively own, control, and democratically manage the means to produce and distribute all social wealth under socialism. YOU'VE READ THE LIE that Great Britain had, and Russia has, socialism. What happened in Great Britain was that the phony Labor party took over the government and ran some of the basic industries in the interest of the capitalist class. Nothing was changed except that, instead of being exploited directly by the capitalists, the workers were exploited by the state for the benefit of the capitalist class. Nor is there socialism in despotic Russia.