Rishi_D

I'd argue that the ownership of the means of production is an inherent value to each of the three most common economic systems. 

Also I do agree that socialism doesn't guarantee social welfare programs, but as you said I made the assumption that those who would advocate for socialism would also be in favor of wealth redistribution from the wealthy to the poor.

To address your question, I was referring to the means of production and the right to own private property. Furthermore I don't think that one's personal property is communally owned by the rest of society because if that was the case then there wouldn't be such a huge income disparity in several countries regardless of economic system. 

I agree that capitalism means owning the means of production based on the investment but it also grants people private ownership of their commodities. Thus the main goal of capitalism is to make larger sums of profit. Also I do believe that there are subtle differences between socialism and communism as you've pointed out. Socialism gives underprivileged people several safety nets to fall back on using taxpayer dollars or wealth redistribution while also allowing people to keep some portion of their private ownership. On the other hand communism states that one's ownership is everyone's ownership.

I completely agree with you that this slogan is overused by teachers all over the place just for an excuse to give little kids more homework. There are also some parents even who push parents to give their children more homework to supposedly teach them how to manage time properly. However you shouldn't teach your kids time management by drowning them with homework and expecting a 4.0 GPA. It's unrealistic and truly disheartening that so many parents do this.

I think that the spectrum of economic systems ranges from capitalism to communism. This is because capitalism advocates for people to own the means of production that they themselves earn whereas communism suggests that everyone own the means of production regardless of who the producer is. Furthermore, I believe that socialism is in between the two because it allows for capitalist monopolies to engage in economic practice while at the same time redistributing wealth from the rich to the poor. Either way I think that the scale is important because it shows the differences in how foreign countries operate their respective economies.