Socialism in Europe is what allows people to earn a living wage, to buy cars, etc. It allows citizens or residents, in most cases, access to medical care, retirement, vacations.
It allows factories to produce high quality products, rather than have to cut corners, produce cheap junk, sell at cutthroat prices, compete for the low end market.
It attempts to balance the needs of the people, of society, against the demands and needs of industry and commerce.
Like capitalism, too much of it can be a bad thing. ;>)