For those of you that actually care to learn:
Soviet union collapsed,but Russia(and China) still remains.
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In a democratic socialist society a private entity would be run in a more democratic way. You own your own labor therefore you have a say when it comes to production. The means of production are owned collectively, with certain industries completely out of the free market. No one is coming for your car or your home, it's just a way to give more power to the collective and prevent accumulation of wealth.
That is the theory behind it,but that was not what happened back in the day.Research actual testimonial of people that lived under soviet union and see how great it is to have to wait in a line to receive your daily ration of food from the government to feed your family.