Define Socialism as a school of thought and how does it differ from Communism.
Answers
Answer:
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Explanation:
The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.
Answer:
Updated March 03, 2020
The difference between communism and socialism is not conveniently clear-cut. The two terms are often used interchangeably, but these economic and political theories are not the same. Both communism and socialism arose from protests against the exploitation of the working class during the Industrial Revolution.While applications of their economic and social policies vary, several modern countries—all ideologically opposed to capitalism—are perceived as either communist or socialist. In order to understand contemporary political debates, it's important to know the similarities and differences between communism and socialism.Communism Vs. Socialism
In both communism and socialism, the people own the factors of economic production. The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government. This difference and others are outlined in the table below.