Differentiate between socialism and communism [long answer].
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Both socialism and communism are essentially economic philosophies advocating public rather than private ownership, especially of the means of production, distribution and exchange of goods (i.e., making money) in a society. Both aim to fix the problems they see as created by a free-market capitalist system, including the exploitation of workers and a widening gulf between rich and poor.
But while socialism and communism share some basic similarities, there are also important differences between them.
Socialism emerged in response to the extreme economic and social changes caused by the Industrial Revolution, and particularly the struggles of workers. Many workers grew increasingly poor even as factory owners and other industrialists accrued massive wealth.
In the first half of the 19th century, early socialist thinkers like Henri de Saint-Simon, Robert Owen and Charles Fourier presented their own models for reorganizing society along the lines of cooperation and community, rather than the competition inherent in capitalism, where the free market controlled the supply and demand of goods.
Then came Karl Marx, the German political philosopher and economist who would become one of the most influential socialist thinkers in history. With his collaborator Friedrich Engels, Marx published The Communist Manifesto in 1848, which included a chapter criticizing those earlier socialist models as utterly unrealistic “utopian” dreams.
Marx argued that all history was a history of class struggles, and that the working class (or proletariat) would inevitably triumph over the capital class (bourgeoisie) and win control over the means of production, forever erasing all classes.
Communism, sometimes referred to as revolutionary socialism, also originated as a reaction to the Industrial Revolution, and came to be defined by Marx’s theories—taken to their extreme end. In fact, Marxists often refer to socialism as the first, necessary phase on the way from capitalism to communism. Marx and Engels themselves didn’t consistently or clearly differentiate communism from socialism, which helped ensure lasting confusion between the two terms.
Answer:
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.
Key Differences
Under communism, the people are compensated or provided for based on their needs. In a pure communist society, the government provides most or all food, clothing, housing and other necessities based on what it considers to be the needs of the people. Socialism is based on the premise the people will be compensated based on their level of individual contribution to the economy. Effort and innovation are thus rewarded under socialism.