Answer:
Both communism and socialism are political and economic philosophies that support common ownership and management of the means of production. However, there are some significant variations between the two. Here are some concrete instances:
The ultimate goal of socialism is to create a more equal distribution of wealth and resources, while the goal of communism is to create a classless society where everyone works and shares resources according to their abilities and needs.
Under socialism, the government typically plays a large role in managing the economy and redistributing wealth, while in communism, the government controls all property and resources and makes decisions about their allocation and use.
Socialism often allows for a mixed economy with some elements of a market system, while communism aims to abolish the market and have the government make all economic decisions.
Socialism prioritizes collective well-being over individual freedoms, while communism seeks to eliminate social classes and promote individual freedoms.