Socialism and Economic Nationalism are just the two wings of the same scavenging Collectivist bird!
Socialism
By the normal definitions of socialism as it has been since its inception, socialism is an economic system based on collectivist ideas of equality of outcomes by government ownership of the means of production. Its political system is usually Communism.
National Socialism and Fascism
It is very much like its collectivist twin brother National Socialism, a term used by several different groups and based in the collective ideology of Fascism. In economic terms, Fascism incorporates elements of capitalism and socialism. Fascist economists favor self-sufficiency and private profit, but seek government subsidies of corporations and industrial policy.
It is really not Socialism by the definition given above but a form of Populist Nationalism similar to what we see today inside the American right. It seeks to control the outcome and output of private owners, via industrial policy and subsidies, not the means of production.
We are neither and both!
Our economic system is capitalism burdened by massive regulations from socialist and economic nationalist leaning collectivists within our population and government, neither of which promotes free markets.
We do have both an ever encroaching system of nationalistic subsidies and industrial policies as well as a growing system of social welfare in place, both of which require massive amounts of private capital to run!
Our biggest enemy is not socialism or nationalism, but both! It is Collectivism which dissolves social and economic individualism and strikes at the root of our Republic!