He didn't say all of it under state ownership, did he? I don't know how far he goes, but I consider myself a bit a socialist, and I prefer the system we have in Norway. The government has a majority stake or at least a big stake in some of our biggest companies, like Telenor and StatoilHydro. Amazingly (!) we've done quite well. We're one of the wealthiest nations in the world, and one of the freest.
Correct me if I'm wrong, but wasn't the ID card idea put forward in the UK not a long time ago? Why, you'd think it would happen in the socialist bastion of Norway instead of the good conservative United Kingdom. Admittedly Norway isn't entirely socialist, "by the book", but compared to most of Western Europe we certainly are.
You'd do well to not equate Socialism with Communism. They are not the same. I don't want a communist society by any means, but a little bit of modern socialism has done wonders.