Comparison Chart

BASIS FOR
COMMUNISM SOCIALISM
COMPARISON

Meaning Social organization system, Theory of social organization

that focuses on communal where there is public or
ownership and eliminating cooperative ownership of the
class distinction. means of production.

Ideology Political and economic Economic

Proposed by Karl Marx and Friedrich Robert Owen

Engels

Main idea To achieve equality among To achieve equality and

members of society and fairness among the society
promoting classless society. members.

Basis of wealth According to the needs. According to the efforts or

distribution contribution.

Means of Equally owned by the Owned by the citizens.

production members of the state.

Management of Lies on few people belonging Done by the people

resources to a particular authoritarian
party.

Ownership of Private Property cannot be Yes

property owned, but personal property
can be owned.

Capitalism It removes capitalism. Can exist in socialism.

 BASIS FOR
COMMUNISM SOCIALISM
COMPARISON

Economic Market Limited competition with No competition. Industries

state owned industries. and markets are owned by
state.

Labor Workers can choose their State determines the

occupation. occupation and employment
of the worker.

Business State owns the main State owns all the productive
industries, but other capacity.
businesses also exists.