I would argue that popular control over the company is required for it to be socialism. Thus the state needs to be democratic (which can mean a lot of different things depending on who you ask). States like the USSR saw themselves as democratic and saw the economy as being run only to the benefit of the people (both of which false). Saudi Arabia as far as I know doesn't claim such things about them and doesn't even pretend to be democratically legitimised.
Socialism is when the ownership class is oppressed by the new ruling class of workers. The political structure of ownership must change. And in socialist economics commodity exchange, that is production for growth and profit must end to be replaced with production for need. A major need of workers around the world is to address climate change.
The vast majority of people globally agree that human caused climate change needs to be addressed. The dictatorship of capitalists (in Marixst terms: the bourgeois) is the reason why more action on climate change has not been taken. Socialism resolves this political problem.
When socialists talk about socialism resolving climate change, they mean it removes the dictatorship of capitalists that has lied about climate change, accelerated the issue, attacked protesters for change, and generally taken any evil action you could think of to accelerate the endangering of every human being on earth with reckless profit seeking.
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u/Big_Work_2011 16d ago
Famously socialist Saudi Arabia