USA HISTORY

Detailed explanation-1: -Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

Detailed explanation-2: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government.

Detailed explanation-3: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-4: -Communism is an economic system where the group owns the factors of production. The factors of production are labor, entrepreneurship, capital, and land. 1 Although the government doesn’t legally own the labor force, the central planners tell the people where they should work.