About Communism and Socialism

More often than not, in media and in conversation the concepts of Communism and Socialism are used interchangeably to refer to the essentially the same economic/political philosophy. In reality these are two different philosophies that while having some similarities also have some very stark differences. Understanding the similarities and the differences can be useful in terms of appreciation the nuances of Communism vs. Socialism in discussions or publications.

Similarities

Communism and Socialism both arose in the context of the Industrial Revolution and largely as a response to a time when business owners were becoming extremely wealthy by exploiting their workers. Through different processes both philosophies looked at the current situation as being unsustainable and eventually societal pressures would result in drastic changes.

Other key similarities include:

Each is built on the premise that individual will contribute to society based on their own ability.

Both advocate that institutions are centralized and either controlled by government or by collectives, this effectively removes private business as a producer of goods and services.

 

 

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