Quote (NetflixAdaptationWidow @ Oct 24 2021 03:12pm)
Capitalism - An economic system in which the means of production (factories, shares of companies, etc.) are held individually in the pursuit of personal profit. Decisions are made by the owners through hired officials such as CEOs and managers.
Socialism - An economic system in which the means of production are held by the workers of the institution and operated for a profit. I.e. a factory is owned by the workers of the factory, who all vote on hires, responsibilities, wages, etc.
Communism - An economic system in which the means of production are held collectively by the society in which they are located and are operated for the good of the community. While decision making can be organized in any way, it is typically organized with a central authority.
Private property (your xbox, your personal computer, your car) are all still owned by individuals under all three systems.
Not necessarily. Land and improvements to it can be both private property and means of production.