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.
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.
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