Question

any four-four difference socialist party and communist party​

Answer 1

Answer:

Communism refers to the political and economic system which is based on the ideas of common ownership on the factors of production and there is no presence of class, state and money. It aims at establishing a communist society.

The word ‘communism’ is a Latin origin, which means ‘common’. In communism, the factors of production are owned by the people commonly. Here the wealth is distributed among people on the basis of their needs. It is based on the principle of economic equality.

China, Cuba, North Korea, Vietnam and Laos are some of the countries where communism still exists.

The economic system in which the factors of production are commonly owned, managed and controlled by the society. It is based on the principle of equality where all the people have similar rights.

In this form of social organisation wealth is distributed among people as per the efforts made by them. In socialism, there is an equal distribution of income which aims at filling the gap between rich and poor.

A Central Planning Authority exists in this system that sets the socioeconomic objectives. In this economy, people have the right to work, but they cannot select the occupation of their choice. Occupation of people is decided only by the authority.

Denmark, Netherlands, Finland, Canada are some countries where socialism exists.