Question

Communism and socialism are umbrella terms referring to two left-wing schools of economic thought' . Explain

Answer 1

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$\tt\red{==>}$Communism's and socialism are umbrella terms referring to two left-wing schools of economic thought; both oppose capitalism, but socialism predates the Communist Manifesto, a 1848 pamphlet by Karl Marx and Friedrich Engels, by a few decades.

$\huge\colorbox{cyan}{EXPLANATION:-}$

$\tt\pink{==>}$The word socialism also began to be used in the 1830s, to describe a system different from capitalism. Socialism held that groups of people should own and regulate the economy for the benefit of all the members, not just a few. ... Marxist communism sought the overthrow of governments supporting a capitalist economy.

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