Meaningless. You can replace socialist by capitalist and it would be equally meaningless.

The correct word is democracy. The people (or "workers") having a say or not has nothing to do with socialism or capitalism IMO.

I don't understand the downvotes - parent's right. All regimes today like to trumpet themselves as (exceedingly!!) democratic, the question is: are they? In my estimation, overall, communist countries have done significantly worse in this department. And yes, rule by the many people is the definition of democracy.