Don't agree with this; capitalism is based on one fundamental principal and that is it is capital that reaps the rewards. Innovation and hard work are not rewarded unless it secures the necessary capital to back it, and even then it is the capital that takes the lion's share.
Socialism is a system where the state through taxes, limited and full ownership of businesses redistributes the rewards of capital to everyone through services and laws. In the socialist system hard work and innovation is rewarded, Scandinavian nations are an excellent example of this, despite high labour cost and high taxes they have some of the highest tech industries in the world.
Public ownership and worker co-ops can exist under capitalism but they find themselves under constant attack by capital. Whereas under the socialist system both can flourish and do as does private enterprise.
The capitalist system is under constant danger of turning in fascism or as it is also know corporatism, because it eventually concentrates capital and property into the hands of the few; those that had the capital that reaped most of the rewards.
Most western countries are a blend of the two systems even the US was until recently since it has a number of clearly socialist remnants now like public schools, the postal service, social security and other social safety nets.
There is one more difference in the two systems that is fundamental, that is in the main role of government in the capitalist system it is to protect capital from the people and serve the needs of capital and in socialism it is to protect the people from capital and serve the needs of the people.

Good points. Although I would have pointed out the ridiculousness of "negotiaiting for a fair wage". The magic of "surplus value" that is the backbone of all profit can only come from one place . . .

Wow! This is really good. Thanks.

Makes sense to me. Did the other person think so? Or keep arguing?