Relationship between Socialism and Communism

(i) In a communist state, there is collective ownership of means of production, distribution, and exchange while in a socialist state, there is state ownership of means of production, distribution, and exchange.

(ii) In a communist state, the economy is collectively planned but in a socialist state, it is centrally plannedA centrally planned economy or command economy, is an economic system where the government has complete control over the production and distribution of goods and services. The government decides what to... More by the state.

(iii) In both systems, only one political party is legally recognized.

(iv) Political power is highly centralized in both systems.

(v) In both systems, the opposition party is not allowed.

(vi) In both systems, the essence of enterprising is to render services and not to maximize profit.

(vii) Communism relies on revolution to transition from Capitalism while Socialism employs peaceful and democratic means.

(viii) Communism is the advanced stage of Socialism.

(ix) Both systems support the principles of equality and social justice.

(x) Socialism upholds the tenets of the state but Communism believes at the final stage the state will wither away.