Comparison Of Socialism And Communism

Socialism is the means of all aspects of the economy and owned and is regulated by the community. The founder of this theory, Karl Marx, is usually associated with Communism. While Socialism is considered a lower stage of communism, it is actually the middle of the economic systems (Capitalism, Communism, and Socialism). Communism has more of an underlying political effect, whereas Socialism and Communism do not. By Socialism controlling the means of production, this diminishes the idea or private businesses.
In Socialism, it benefits the poor in the economy. Despite the fact that Socialism does not have social classes or a class system. Socialism aims for social equality such as everyone works, no private owned businesses, excess production
is avoided, etc. Socialism also helps unemployment immensely along with controlling inflation. What gives Socialism these advantages is economic planning. Socialist policies include nationalizing key industries, which means the government takes control of the industries and the company may or may not be compensated for the loss of potential income.