When a socialist calls someone a Nazi today, as they are wont to do if anyone disagrees with their agenda, they are actually calling them a fellow socialist. Socialism is another word for collectivism, the doctrine that an individual life has no value, that an individual is owned by the collective and lives only to serve the state or group. This is an apt description for both Marxist-Leninist socialism and National Socialism. The term âNaziâ was coined as a derogatory abbreviation for the proper name, âNationalsozialistâ (National socialist), short for âNationalsozialistische Deutsche Arbeiterparteiâ (National Socialist German Workers’ Party). Nobel Prize winning economist, Friedrich A. Hayek, rightfully considered Nazism to be socialism.