Spot on gilded.
And yet it doesn't really represent socialism in it's truest sense. In the UK the rich got a whole lot richer. The politicians got a whole lot richer. Bankers got a whole lot richer. The middle class and working class were shafted.
A voting base was artificially created by increasing the number of welfare recipients, and also by creating hundreds of thousands of public servants, quangos, compliance industry etc which have sucked the finances of the country dry....
I see the problem re Fabian thought is that there is a sense that they believe they know better than the people. Hence they believe that change should be by stealth, through the backdoor. This is not open and transparent. It smacks of deceit.
Thankfully I believe that the average Australian is far more politically engaged than your average UK person, and I remain optimistic that they will be thrown out at the next election.
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