Socialism Vs Communism Economy. Capitalism socialism islamic and mix economic systems are some of the prominent examples. Communism on the other hand is a branch of socialism. Communism versus socialism comparison chart.
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Communism versus socialism comparison chart. 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. Russia gave communism a bad name when it reigned as the ussr. Under socialism all citizens share equally in economic resources as allocated by a democratically elected government.
The main difference is that under communism most property and economic resources are owned and controlled by the state rather than individual citizens.
Communism on the other hand is a branch of socialism. Centralized government planned economy dictatorship of the proletariat common ownership of the tools of production no private property. In both communism and socialism the people own the factors of economic production. Russia gave communism a bad name when it reigned as the ussr. The main difference is that under communism most property and economic resources are owned and controlled by the state rather than individual citizens.
Socialism Vs Communism Economy. The economy of the nation is directly associated with the political system. 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.
