Difference Between Socialism and Communism

Published on 06-May-2023

Feature	Socialism	Communism
Ownership	Social ownership of the means of production	Collective ownership of the means of production
Distribution of wealth	Distribution based on contribution to society	Distribution based on needs of individuals
Role of the state	Significant state intervention in the economy and society	State is abolished in favor of a classless society
Private property	Limited private property rights	Private property is abolished
Incentives	Incentives based on contribution to society	Incentives based on societal needs and goals
Class system	Class system still exists	Class system is abolished
Equality	Social equality is prioritized	Complete equality is prioritized
Government structure	Democratically elected government	Dictatorship of the proletariat
Market economy	Limited market economy	No market economy
Consumer choices	Limited consumer choices	No consumer choices
Religion	Tolerated but often discouraged	Religion is often abolished
Globalization	Open to international trade and investment	Rejects globalization as exploitation by capitalists
Wealth accumulation	Wealth accumulation is limited	Wealth accumulation is abolished
Revolution	May or may not require revolution	Revolution is a necessary step to achieve communism
Currency	Currency is still used	Currency is abolished
Economic planning	Economic planning is used to allocate resources	Economic planning is used to achieve societal goals
Social welfare	Strong social welfare programs	Stronger social welfare programs
Labor unions	Labor unions are allowed but controlled by the state	Labor unions are allowed but controlled by the workers
Military	Military is still maintained	Military is abolished
Education	Free education for all	Free education for all