Socialism I think still allows for private ownership of capital, though it's use is heavily controlled by the state.  Socialism pays for itself by taxing the owners of capital.  The problem is that when socialists get all they want the capitalists will no longer be producing anything as there is no motivation to do so.

In communism the state owns all capital.

[b]so·cial·ism[/b]
[i]n.[/i]
1.  Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.
2.  The stage in Marxist-Leninist theory intermediate between capitalism and communism, in which collective ownership of the economy under the dictatorship of the proletariat has not yet been successfully achieved.

[b]com·mu·nism[/b]
[i]n.[/i]
1.  A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members.
2.  [b]Communism[/b]
       a. A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people.
       b.  The Marxist-Leninist version of Communist doctrine that advocates the overthrow of capitalism by the revolution of the proletariat.

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