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Social Theories

In: Business and Management

Submitted By nailasharmin71
Words 3092
Pages 13
In a way, communism is an extreme form of socialism. Many countries have dominant socialist political parties but very few are truly communist. In fact, most countries - including staunch capitalist bastions like the U.S. and U.K. - have government programs that borrow from socialist principles. "Socialism" is sometimes used interchangeably with "communism" but the two philosophies have some stark differences. Most notably, while communism is a political system, socialism is primarily an economic system that can exist in various forms under a wide range of political systems.
Comparison chart
| |Communism |Socialism |
|Philosophy |From each according to his ability, to each according to |From each according to his ability, to each according to|
| |his needs. Free-access to the articles of consumption is |his contribution. Emphasis on profit being distributed |
| |made possible by advances in technology that allow for |among the society or workforce to complement individual |
| |super-abundance. |wages/salaries. |
|Economic System |The means of production are held in common, negating the |The means of production are owned by public enterprises |
| |concept of ownership in capital goods. Production is |or cooperatives, and individuals are compensated based |
| |organized to provide for human needs directly without any |on the principle of individual contribution. Production |
| |use for money. Communism is predicated upon a condition of|may variously be coordinated through either economic |
|...

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