4 ms·They have free markets and businesses, doesn't sound like a socialist system to me.by bennysonething 4y agoThey have free markets and businesses, doesn't sound like a socialist system to me.IX-103 4y agoYou're thinking of Communism. Socialism doesn't imply government ownership and control of the economy.bitwize 4y agoNeither does communism. Communism implies ownership and control of the economy by the people at large, but the presence of a state is, supposedly, a transitional phase.