Definitions by RevolutionaryWolf

Socialism 

Libertarian socialism: The common ownership & self-management of the means of production

State socialism: State ownership and management of the means of production (operated for social benefit)

Free-market capitalism: Private ownership and management of the means of production

State Capitalism (Communism): State ownership and management of the means of production (operated for profit)

While often described as an example of socialism, the Soviet Union operated on state capitalism

Socialism by RevolutionaryWolf May 15, 2015