Krugman on social democracy

Aka socialism. What does that mean? See below from Krugman's article. Yeah, I want that kind of socialism.

"What Americans who support 'socialism' actually want is what the rest of the world calls social democracy: A market economy, but with extreme hardship limited by a strong social safety net and extreme inequality limited by progressive taxation. They want us to look like Denmark or Norway, not Venezuela. And in case you haven’t been there, the Nordic countries are not, in fact, hellholes. They have somewhat lower G.D.P. per capita than we do, but that’s largely because they take more vacations. Compared with America, they have higher life expectancy, much less poverty and significantly higher overall life satisfaction. Oh, and they have high levels of entrepreneurship — because people are more willing to take the risk of starting a business when they know that they won’t lose their health care or plunge into abject poverty if they fail."