Capitalism, socialism are fundamentally different

With a goal to clarify the definitions of economic/social systems, the following definitions are provided:

Socialism, a socialist economy, is characterized by the government ownership of all means of production. They own the big factories, the transportation industry, the steel industry and all other significant business. The government decides what to produce, what size and shape and how many, as well as the non-negotiable price. They also set worker salaries and wages.

In capitalism, practiced in Denmark, Norway, Sweden, Germany and the U.S., the businesses are owned by private entities. They decide what to produce, what quantities and what sizes. The price is determined...