Common law socialism is a term I coined. It may be that others have coined it as well.

Common law socialism is different than any other form of socialism. It is socialism only in the sense that the people have complete freedom to "socialize" or not, and when and when not to do it.

Common law socialism is not capitalism. Capitalism, at its core, suggests a movement towards fascism. How? Those who are smart will gradually own more and more property. They will use the wealth of their property to gradually control everything and everybody so that they gain more wealth. Common law allows people who feel oppressed by capitalism to be able to step out of it without any detrimental action being done towards them or their property for doing so. Advanced capitalism would stop such stepping out.

Ayn Rand was right in her ideas of freedom, but wrong in her lack of common law.