WORLD HISTORY

Detailed explanation-1: -Unlike in communism, a socialist economic system rewards individual effort and innovation. Social democracy, the most common form of modern socialism, focuses on achieving social reforms and redistribution of wealth through democratic processes, and can co-exist alongside a free-market capitalist economy.

Detailed explanation-2: -The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.

Detailed explanation-3: -Socialist party believes in gradual change while The Communist party believes in radical and fundamental change. Socialist party aims at improvement and reform in society while The Communist party aims at a restructuring of an entire society. there was one political party which was wielding power.

Detailed explanation-4: -How do socialism and communism differ? Socialism is based on the belief that democratic means should be used to distribute wealth evenly throughout a society. Communism is characterized by a centrally planned economy with all power resting in the hands of the central government.

Detailed explanation-5: -In brief, Communism backs full control of the Government across all standards of production and other resources. Socialism exercises adaptable forms of controlling the State. Capitalism supports a free market and overall economy without the involvement of the State.