Bureaucracy is the Socialist record (3,4)
I believe the answer is:
red tape
'bureaucracy' is the definition.
(thesaurus)
'the socialist record' is the wordplay.
'the socialist' becomes 'red' (red is a kind of socialist).
'record' becomes 'tape' ('tape' can be a synonym of 'record'**).
'red'+'tape'='RED-TAPE'
'is' acts as a link.
(Other definitions for red tape that I've seen before include "Bureaucratic ribbon" , "Petty official procedures" , "Colourful ribbon associated with bureaucracy" , "European regulations?" , "Colourful bureaucratic procedure" .)