WORLD 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: -Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.

Detailed explanation-4: -A socialist economic system can also be called as command economy, centrally planned economy or controlled economy because the means of production and distribution are owned, controlled and regulated by the public, either through the state or through cooperatives.