WORLD HISTORY

Detailed explanation-1: -Communism and socialism are political and economic systems that share certain ideologies, including greater equality in the distribution of income. Both are rejections of capitalism, instead giving economic power to the working class.

Detailed explanation-2: -The two major economic systems in modern societies are capitalism and socialism. In practice, no one society is purely capitalist or socialist, so it is helpful to think of capitalism and socialism as lying on opposite ends of a continuum.

Detailed explanation-3: -Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country’s trade and industry are controlled by the community and the share of each individual relies on his ability and needs.