Socialism is an economic system where the government owns and controls most capital goods (goods used to produce goods and services).
Socialists want to nationalize industries.
Capitalism is an economic system where most capital goods are privately owned; and prices, production, and distribution of goods and services are determined primarily by the operation of markets.
Capitalists want to privatize industries.
Socialism vs Capitalism ≠ Welfare Statism vs Libertarianism
Welfare Statism is the doctrine that human beings have a fundamental right to an adequate standard of living, insuring them against the risks and uncertainties of life; thus the state should guarantee its citizens such a standard of living.
Libertarianism is the doctrine that human beings have a fundamental right to life, liberty, and property; thus government services, social programs, taxes, and government regulations should be minimal.
Factors of Production
Factors of Production are the resources people use to produce goods and services
Land, including natural resources
Capital, aka capital goods or means of production
A capital good is a durable good (one that does not quickly wear out) used in the production of goods or services. (Wikipedia)
Capital goods are used to produce goods and and services. Consumer goods are used by consumers.
Examples of capital goods
Office buildings, furniture and fixtures
Musical instruments used by professional musicians
Delivery vans and trucks
Hair clippers used by hair stylists
Tractors, combines, and other farm equipment
Infrastructure such as railway lines, roads, and bridges.
Kitchen appliances and utensils in a restaurant
Business computers and networking equipment.
Business Software, e.g. for accounting, inventory control, and payroll
A public school’s textbooks, desks, and whiteboards
Medical and dental equipment
Capital Goods owned by US federal, state, county, and city governments
Public buildings, libraries, museums, prisons
Public infrastructure, e.g. public roads, bridges, water and sewer systems, dams, canals, reservoirs, ports
Public parks, e.g. National Parks
Police cars and firetrucks
Capital goods owned by the armed services and government agencies
‘Nationalize’ vs ‘Privatize’
Socialists want to nationalize industries, e.g. “nationalize the steel industry”
‘Nationalize’ means to convert from private ownership and control to governmental ownership and control
Capitalists want to privatize industries, e.g. “privatize public education”
‘Privatize’ means to convert from governmental ownership and control to private ownership and control
“I think [democratic socialism] means the government has got to play a very important role in making sure that as a right of citizenship all of our people have healthcare; that as a right, all of our kids, regardless of income, have quality childcare, are able to go to college without going deeply into debt; that it means we do not allow large corporations and moneyed interests to destroy our environment; that we create a government in which it is not dominated by big money interest.”
She explained that, according to her vision of democratic socialism, “in a modern, moral and wealthy society, no American should be too poor to live.”
“To me, that means every working-class American in this country should have access to dignified health care — should actually be able to see a doctor without going broke,” Ocasio-Cortez said.
“It means you should be able to send your kids to college and trade school if they so choose, and no person should feel precarious or unstable in their access to housing as our economy develops,” she added.
“The thing is, Bernie Sanders isn’t actually a socialist in any normal sense of the term. He doesn’t want to nationalize our major industries and replace markets with central planning; he has expressed admiration, not for Venezuela, but for Denmark.
So why does Sanders call himself a socialist? I’d say that it’s mainly about personal branding, with a dash of glee at shocking the bourgeoisie.
But if Sanders becomes the Democratic presidential nominee, his misleading self-description will be a gift to the Trump campaign.”
“Communism, political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society. Communism is thus a form of socialism—a higher and more advanced form, according to its advocates. Exactly how communism differs from socialism has long been a matter of debate, but the distinction rests largely on the communists’ adherence to the revolutionary socialism of Karl Marx”
Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.
Socialism is a political, social and economic philosophy encompassing a range of economic and social systems characterized by social ownership of the means of production and workers’ self-management of enterprises.
a theory or system of social organization that advocates the ownership and control of the means of production and distribution, capital, land, etc., by the community as a whole, usually through a centralized government.