Capitalism is the economic system in which individuals can own the means of production themselves, so basically an entrepreneur owns a company and everyone working there are employees with no or very little ownership over the business.

Socialism is the economic system where the workers themselves own those same means of production. What you think of as socialism is most likely the Marxist-Leninist version implemented in the USSR.

Their thought process went like this: the people all own every business, but if everyone was the boss, nothing would get done. So they considered that since people, at least on paper, vote for their leader and the state supposedly represents the people, then if the state owned all businesses it would basically be the same as if everyone owned those businesses. The issue here is that the politicians and bureaucrats who make decisions regarding those businesses, being human themselves, will tend to skew them towards their own interests. Personally, I still think it is better this way than having billionaire leeches that drain the wealth from multiple countries, but that's besides the point.

This isn't the only socialist system imaginable, though. It could be as simple as the workers that are employed somewhere get a share of the company for as long as they work there instead of wages. That way, you get paid a portion of the profit, and as a shareholder, can vote on decisions about the business. It's important though that only people who work there get those shares, no outside investors or sketchy things like that to take away the power from the people. There's no business owner in this since everyone basically owns their workplace and bosses are democratically elected. This is market socialism, you'd still have market forces and all that entails, and I think it would be the easiest change to make if we wanted to give up on capitalism.

Then there's syndicalism, in which unions and syndicates own their sector or industry and manage them themselves. Every worker joins the union when they get hired, and they vote for stuff like leadership, rule changes, charters and the like. These syndicates then coordinate with eachother to ensure everything is working as intended and produced at the rates they are needed at.

As for the 20 hour workweek... it's very reasonable if you look into it. Each one of us not only has to work hard enough to earn for ourselves, we also have to earn for those who are unfortunate and cannot work through taxes, which is a good thing, but we also have to work hard enough to earn for the leeches doing nothing, like the billionaires on top. Every employee has to get paid less than ehat they're worth, since if the employer would give them every bit of money they produce, they wouldn't be profitable. And that's not even getting into people working jobs that don't help society at all, such as landlords, insurance agents, marketing people, etc. If everyone worked in fields necessary for society to function, we would all work 20 hours a week.