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What's the difference between Socialism vs. Communism?

How are the Economic Systems: Socialism vs. Communism different?

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Socialism and Communism are economic systems that are among the popular nowadays. These two systems often search for equality among its people and the distribution of resources. These social ideologies have their differences especially when it comes to governing and implementing laws and regulations based on the system being used.

Socialism is a kind of economic system that seeks to achieve equality among its people. Its core belief is that resources should be equally distributed but its people have a large role on determining how the economy will be run. Socialism can also be a liberal system because its governing body is determined by the people.

The goods and services are shared based on what the individual deserves. Usually, the more productive an individual is, the more or she can receive. Each person has the right to own a property however; no person is allowed to own an industrial property that can produce goods. These industrial properties are owned by the government.

Capitalism is viewed as a great threat to the society by the socialists however, the do not wish it to be completely eradicated because socialism believes that Capitalism may in one way or another, serve good in the society.

Communism is an economic and political system that believes a classless society wherein each and everyone are equal. Communism is a conservative type of society that is being governed by one authoritarian party wherein decisions for the government are determined only by few individuals. The society has little to no influence at all in determining their state.

Communism believes that all properties belonged to the public and no one shall be above the other. This means that everyone should receive equal share no matter how productive or unproductive each one is. However, in this type of system, everyone is required to work as a contribution to the government but all receive the same wage and resources.

Just like Socialism, Communism views Capitalism as a threat to the system but, unlike Socialism, Communism seeks to eradicate completely Capitalism so that their goal of having a classless society will be made to realize.

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