Minecraft wiki entry for Building_a_metropolis, associated text: Socialism
All industry is owned collectively; that could mean by the government, or it could mean communally by groups of players, but nobody works for any private individual.
The profits are split equally between workers.
There are no classes since nobody is anyone's boss in a company.
The government does not tax the citizens, rather it takes a small percentage of the profits.
All land is owned collectively, either by the government or by equal groups of players.
Leaders in the government or in cooperatives should decide where to build new structures (for example, houses, farms, banks).
Leaders can be chosen in any way you want