What is the difference between american capitalism and european socialism in regards to the people?

Socialism is a concept that individuals should not have ownership of land, capital (money), or industry, but rather the whole community collectively owns and controls property, goods, and production. Ideally, in this system all share equally in work and the fruits of their labor. Ideally this is a Christian version of help the poor and needy, sharing equally, but in the real world this can cause some problems as we will see later. Under Capitalism, individuals own and control land, capital, and production of industry. Individuals are free to purchase and own their own homes, cars, furniture, and other goods such as TV, radios, computers, boats, or any thing else you might want. You have total freedom to live where you want and what type of job field you want to pursue. If you have an idea for a new business or invention, you are free to pursue this without government interference. Under this system you have the maximum number of choices in life. This is the 'pursuit of happiness' from the Declaration of Independence.