What is Socialism?
Communism and Socialism – Socialism is a system or school of thought of a social organization that advocates the control of the means of production and distribution, of capital, land, and more in the community as a whole.
The socialist school of thought is one that says the collective cooperation of citizens will make all state institutions public.
What is Communism?
Communism is a branch of socialism. It is quite similar to socialism and is still founded on the idea of collective cooperation. Even though it differs in the sense that communists are of the opinion that. Cooperation should be operated by a totalitarian government. Comprising of one and only one government.
Communism Vs Socialism
Both the socialism and communism concept. Is one that the people own the factors of economic production. The key difference is that under communism. Most property and economic resources are owned and controlled. By the state, instead of the individual citizen. For socialism, all citizens share equally in economic resources. As allocated by a democratically elected government.
Both the communism and socialism concept were both borne. Out of grass-roots opposition to the exploitation of workers. By wealthy businesses during the Industrial Revolution. Both of these concepts are of the opinion. That all goods and services will be produced by government-controlled institutions. Or collective organizations rather than by privately owned businesses. Additionally, the central government is mainly responsible. For all aspects of economic planning. Which includes matters of supply and demand.
Key Differences between Socialism and Communism
Under communism, the people are compensated. Or catered for depending on their needs. In a pure communist society. The government provides most or all food. Clothing, housing as well as other necessities. Depending on what it considers to be the need of the people. Socialism on the other than. Is based on the premise that all people. Will be compensated depending on their level. Of individual contribution to the economy. Socialism rewards effort and innovation.
It is actually quite difficult. When it comes to classifying countries. As being either communist or socialist. Some countries, while ruled by the Communist Party. Declare themselves to be socialist states and. Employ many aspects of socialist economic and social policy. The three countries that are typically considered communist states. Mainly because of their political structure are. China, Cuba, and North Korea.
Most modern countries that brand themselves to be socialist. May not strictly follow the economic or social systems. Linked with pure socialism. Rather, most countries generally thought of socialism actually. Employ the policies of democratic socialism.
These countries include Norway, Sweden, and Denmark. They all employ similar predominantly socialist systems. The democratically elected governments of all three countries. Offer free health care, education, as well as lifetime retirement income. In return, all three countries also have highly successful capitalist sectors. Since the government provides most of their needs. The people see little need in accumulating wealth. And thus, about 10% of the people. Hold more than 65% of each nation’s wealth.