What Is The Difference Between Socialism And Communism?

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Both Socialism and Communism are political and economic systems. They are sometimes confusing and in this post, we will look at the difference between the two, which system is the best and conclude with the effects of the two. Keep reading below to find out more.

ALSO READ: Who Are The Freemasons? Beliefs, Practices & Facts

What Is Socialism?

Socialism is an economic system which gives the public control of ownership and production. In this case, private ownership and control of the property are not allowed but rather encourage cooperation between people. In this case, the benefits of the cooperation are shared between members.

Pros And Cons of Socialism

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Surely, every economic system will have its advantages and disadvantages as not all may like it. But why do some prefer Socialism and some do not? Let’s find out.

Pros of Socialism

  • Helps to reduce poverty on a large scale. Since the state is in charge of providing for the larger masses, wealth is shared evenly with everyone who works for it.
  • When companies are owned by the state, it helps to reduce selfishness and works in the interest of the public.
  • Helps to promote equality. One person cannot be in charge and get rich whiles others to suffer.
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Cons of Socialism

  • A weak government will mean the economy will be slow to progress.
  • In this economic system, when the government is slow to act, there will be little progress.
  • If a welfare state is too generous, it is argued it may create a disincentive to get a job and therefore it can reduce the labour force and individual effort.

Pros and Cons of Communism

Let’s take a look at some of the pros and cons of Communism.

Pros of Communism

  • It gives access to people when it comes to attending school and medical attention.
  • It discourages monopoly.
  • More employment is accessible to citizens.

Cons of Communism

  • The government has the power to dictate and run the lives of people. Although its goal is one of equality, there is basically less or no personal freedom at all to criticize the government or demand changes.
  • Entrepreneurs cannot expect to make more money than the others.
  • The government has the power to dictate and run the lives of people.
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