What’s the Difference Between Socialism and Communism?
One of the most widely debated topics in political science is the differences between two prominent economic models — socialism and communism. Those who study politics and economics often argue about the advantages and disadvantages of each system, but the issues tend to be extremely complex, not to mention emotional. It is beneficial, however, to understand the distinction between socialism and communism to better inform opinions and decisions on the matter.
The Basics of Socialism
Socialism is an economic and political system that involves public ownership of the means of production, typically referred to as the ‘state,’ or ‘public sector’. In a socialist economy, the government takes responsibility for producing goods and services, and income is divided among citizens based on factors such as their contributions to the society. The main goals of socialism are to provide citizens with basic goods and services, and to distribute the wealth among all citizens fairly.
The Basics of Communism
Communism is another economic and political system that is similar to socialism. It involves public ownership of the means of production and promotes the concept of a classless system. Unlike socialism, which often involves private ownership of certain resources, communism is based on the fundamental idea of ‘from each according to their ability, to each according to their need.’ This means that all citizens work hard and contribute to a collective effort in order to build a collective good.
Overarching Differences between Socialism and Communism
To understand the primary differences between socialism and communism, it is important to examine the way in which each system is implemented. Socialism primarily focuses on public ownership, whereas communism places an emphasis on collective ownership.
• Market forces play a role in a socialist economy. Prices are determined by the interaction of market forces, such as demand and supply, as well as by the government’s intervention. In contrast, communism is a state-controlled economy where the government takes complete control of the means of production.
• Socialism allows the state to interfere with the market to provide social programs and services to the people. This is known as ‘welfare state’, and it is used to redistribute wealth among the population. On the other hand, communism relies on a system of central planning and total state control to distribute resources and goods.
• Socialism allows some degree of private ownership, while communism is based on collective ownership of the means of production.
• Socialism encourages cooperation, while communism is a system of shared ownership and shared responsibility.
• Socialism allows individuals to maintain their own property, while communism advocates collective ownership of all resources.
• Socialism promotes the idea of having a social safety net, while communism promotes a system of uniformity in which individual rights are less important than communal responsibilities.
• Socialism has some flexibility in the way the economy is run, whereas communism is an absolute dictatorial system.
Although there are a number of differences between socialism and communism, the one thing they have in common is the promotion of equality and economic fairness. Nevertheless, socialism and communism are two distinct economic models, each with its own advantages and drawbacks. Ultimately, it is up to the individual to decide which system best suits their needs and political leanings.
