Image Source: http://iconbronze.com/Booker%20T%20Washington%20Bronze%20Statue%20Monument.htm. One of the foremost leaders of the African-American community, Booker T. Washington was a great educator and orator who founded the Tuskegee Normal and Industrial Institute in Alabama, now known as the Tuskegee University.
Private property. In a capitalist economy, people have rights to the fruit of their labor and whatever other property they acquire through legal means. Property includes a person's life (we own our own bodies) and liberty as well as physical possessions. Alienable property--possessions--can be sold or leased to others.
Socialism is an economic theory or idea that states that the government or the state should be in charge of economic planning, production and distribution of goods. This contrasts with capitalism where free markets predonimate and property is privately owned.