WORLD HISTORY

Detailed explanation-1: -Socialism is an economic and political system based on public or collective ownership of the means of production that emphasizes economic equality.

Detailed explanation-2: -Communism is an economic ideology that advocates for a classless society in which all property and wealth are communally-owned, instead of by individuals.

Detailed explanation-3: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. The most important originators of communist doctrine were Karl Marx and Frederick Engels.

Detailed explanation-4: -This means of production is the physical and labor capital that is used to produce the different goods in society. In strict communist theory the “means of production” is collectively owned by the people in a community, to insure that all the people will get the products that they themselves desire.

Detailed explanation-5: -Communism is a form of government most frequently associated with the ideas of Karl Marx, a German philosopher who outlined his ideas for a utopian society in The Communist Manifesto, written in 1848. Marx believed that capitalism, with its emphasis on profit and private ownership, led to inequality among citizens.