There are three economic systems* in the world:
Socialism - Fascism - Capitalism
On the left, we have socialism, which means the State owns and controls the means of production.
The extreme form of socialism is communism, socialists who force compliance at the point of a gun.
On the right is capitalism, in which the private sector owns and controls the means of production.
In the middle is fascism, where the private sector owns and the State controls the means of production.
The United States is usually thought of as a capitalist nation. Yet, since the 1930's we have had fascism on the farm.