I think part of the problem in modern political discourse is that we use the words Capitalism and Socialism in an overly broad sense.
This leads to statements like "Socialism was responsible for the deaths of millions of people in the 20th century." Which invariably leads to the response "Oh yeah? Well how many people have died as a result of Capitalism?"
Strictly speaking, both S and C are economic systems, and in many respects they're not very different from one another.
In particular, both allow for collective ownership: Capitalism through partnerships and incorporation, Socialism through indirect ownership by the people through the stewardship of the state.
Capitalism too relies on the state as a defender of contract. This is not necessarily the case, we can envision private, decentralized systems that provide the same service.
But, likewise, for Socialism we can envision modes of more direct ownership that don't involve the state as an intermediary.
The primary difference between the two is one of freedom: in Socialism, you are the owner by virtue of being a member of a group (typically the entire nation). In Capitalism, you must buy into ownership and likewise, you have the option to sell your equity when you believe it to be to your benefit to do so.
I'm curious if you think there are better terms we should be using.
The word "Capitalism" was invented by Marx, and doesn't really make sense outside of his narrow philosophy, which may be part of the reason people seem confused when they use it.
@incognitum I'm quite content with Marx's definition which appears to be "private ownership of the means of production." I think that, like Marx and his contemporaries, many modern proponents of Socialism conflate the term with cronyism and oppression of the poor and working class.
Liberdon is a Mastodon instance for libertarians, ancaps, anarchists, voluntaryists, agorists, etc to sound off without fear of reprisal from jack or zuck. It was created in the wake of the Great Twitter Cullings of 2018, when a number of prominent libertarian accounts were suspended or banned.