Seeing that there really hasn’t been a socialist country or nation in history (socialism means public ownership of the means of production directly implying democratic decision over its usage, the Soviet Union, China, etc. were all dictatorships so there was defacto no public ownership, ergo no socialism), this question can not really be answered.
It doesn’t matter anyway, because what is relevant is how fast and effective the government can acquire and transform resources into military assets, and in that regard, totalitarian systems of any kind have an advantage over democratic systems, because they can reroute resources at will and without much resistance from the people and without any regard over going into debt, whereas democratic systems need to convince its voter base of the necessity of spending resources on military assets and then keep the expenditures in check.
Of course this disadvantage of democratic systems is easily overcome by the generous application of propaganda, which however would drive the democratic systems closer to being totalitarian (see Cold War persecution of Communists in the US, the fear mongering of the Bush administration and the patriot act, etc.).
Which leads to the next point of troop morale and motivation. While democratic systems may rely on the spirit of their soldiers, engineers, scientists and general working population building the military hardware defending a free society, a totalitarian system would rely on propaganda to create loyal fervour of equal, if not exceeding solidity and extent.
In terms of quality of equipment, it depends on the motivation. Sure, in a democratic system, there is the pride of living in a free nation, (and getting paid lots of money) but in a totalitarian system there is equal pride fostered by propaganda (and the threat of being shot in the neck), making motivation a no issue in the comparison, giving both sides equipment of equal quality in theory. Of course, if you look at history you will see that the Soviet Union did have equipment that exceeded the US’ equipment, like the AK47 outshining the M4 and M16 in reliability, sturdiness and usability in different environments. Or after the Unions collapse, West Germany got its hands on Soviet Migs from East Germany, where they found that, in contrast to their western counterparts, the Soviet fighters had helmet mounted target acquisition gear and even the Soviet air to air missiles were superior to what the western nations were currently developing, leading to a cancellation of the entire current project. That might be due to the lesser need of Totalitarian systems to achieve low costs, which will cause democratic nations to go for a cheaper, yet worse alternative. An example is the HK416, a German improvement to the American M4, which was superior to the original in pretty much every regard, but was more expensive. American special forces jumped at them and bought them for their soldiers, but later the government came in and took them away, forcing them to use the inferior M4.
To summarise, totalitarian systems have a substantial edge in assembling a strong military, because they have much greater leverage in obtaining and transforming financial, physical and human resources, while the military strength of democratic systems depends on the willingness of the population to support the military, which in turn depends on the severity of the threat posed by foreign/internal powers. That is why the military industrial complex in the US is so keen on creating adversaries to justify spending so much money on the military (Cold War, then Saddam Hussein, now terrorism).
that was a bit long, gomenasai ^_^