Most of the world runs under a socialist / communist system

OK guys, I expect to get some hate for this post but hear me out.

Socialism is a form of government that it centralised, it decides who gets what and distributes wealth as it sees fit. It can give money to its friends and actively discriminate against a chosen group and favour another group.

What we have right now is a centralised bank that can give money to its friends, it can distribute money as and where it sees fit. It controls who gets what and can discriminate as it chooses.

So i ask you, what is the difference between the system we have and the core fundamentals of socialism?

Thanks for reading :)