The Buddha doesn't explicitly promote a particular political philosophy, although he does give some pragmatic advice to lay-followers within the existing political economic system of the time, mainly dealing with generosity, honesty and fulfilling one's duties in society (e.g., DN 31). So in answer to the first, I'd say that Buddhism itself is compatible with pretty much any political-economic system as it predominately deals with developing virtue, concentration and discernment within the worldly circumstances we’re confronted with, not the circumstances themselves.
Moreover, I agree with Richard Gombrich that, "The Buddha's Dhamma represents a strong form of what has been called 'religious individualism'" (Theravada Buddhism, 72). I say this because the teachings on kamma (literally 'action') focus on individual actions and their consequences, and not so much collective or societal actions. So Buddhist ethics are generally seen as a personal matter that each individual is encouraged to explore and develop on their own.
As for the second question, there's nothing in the suttas to suggest that the Buddha was either for or against private ownership of the means of production, especially in the modern industrial sense. That's not something anybody could have foreseen 2,600 years ago.
Furthermore, while it's true the Buddha encouraged generosity among his lay-followers, and that his monastic community has a relatively egalitarian communal structure, his teachings were also quite popular with the rising mercantile class in India at that time and many of his wealthier lay-followers were merchants. In fact, I think the Buddha's advice to the lay-community regarding livelihood sounds more in line with some kind of enlightened entrepreneurialism than socialism.
In DN 31, for example, the Buddha advises lay-followers to use a portion of their income for personal use, including charitable donations, but he also advises that some should be used for business investments and to be saved for hard times as well. This shows that the Buddha wasn't necessarily against consumption, private property and/or the accumulation of wealth, but there are suttas which seem to suggest that he was at least in favour of some type of welfare-state.
There's the case of DN 5, for example, where the brahmin Kutadanta asks the Buddha for advice on how to best conduct a great sacrifice. Kutadanta, who was evidently wealthy, had been given a village and some land by King Bimbisara, which he ruled as a king himself. On being asked by Kutadanta — who had a legion of animals waiting to be slaughtered — how to perform a great sacrifice, the Buddha answered with a fable about a great king who asks his chaplain a similar question.
Long story short, the king (i.e., the state), who'd amassed great personal wealth but whose kingdom was "beset by thieves" and "infested with brigands," is told by his chaplain that taxing the people, executing and imprisoning them, or simply banishing them from the land won't solve his kingdom's problems, and is given this advice:
To those in the kingdom who are engaged in cultivating crops and raising cattle, let Your Majesty distribute grain and fodder; to those in trade, give capital; to those in government service assign proper living wages. Then those people, being intent on their occupations, will not harm the kingdom. Your Majesty's revenues will be great, the land will be tranquil and not beset by thieves, and the people, with joy in their hearts, will play with their children, and will dwell in open houses.
Nevertheless, I don't think that the Buddha would object to a more egalitarian, socialist society that tries to limit the economic and societal conditions which foster things like greed and violence, and the way Buddhism has affected me personally has lead me to adopt more socialist-leaning views. As Albert Einstein put it, "the real purpose of socialism is ... to overcome and advance beyond the predatory phase of human development" (Why Socialism?), and I have a hard time not getting involved when I see what I perceive to be people being preyed upon by greed, hatred and delusion.
Before I became interested in Buddhism, I didn't really have any political-economic views to speak of. In act, I was completely uninterested in political economy whatsoever. After years of studying and practicing Buddhism, however, I began to take more of an interest. This was partially due to cultivating compassion and being more sensitive the suffering of others, as well as Buddhism's encouragement to analyze our actions and their effects in the world in an effort to make ourselves and the world a better place.
Of course, it became clear to me early on that the world was imperfect, that there is and always has been suffering in the world. I also realized that it can't be 'fixed.' But that doesn't mean we shouldn't try our best to do what we can to make things better, and that's certainly compatible with Buddhism and Buddhist ethics in general.
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