They have a form of socialism called the law of consecration that Mormon society will live under (I believe they might have lived like that in Salt Lake while initially settling there). My seminary teacher, the sweetest woman you’ve ever met, got VERY upset and yelled at me when I said that it sounded like Communism. It still sounds a lot like Communism, though.
It’s truly amazing that they have 15 years worth of tithing for their members saved up. I have concerns though, when my friends family lives in a house where their youngest kid got lead exposure, and they’re barely getting by, tithing their 10%, but the Mormon church is amassing such wealth yet my friend’s family of five is on food stamps. Something feels off there.