Socialism and communism are both ideologies that aim to reduce economic inequality, but they differ significantly in their approaches and implementations.

Communism advocates for a classless society where all property and means of production are owned communally, with the aim of eliminating private ownership entirely. This system seeks to distribute wealth and power equally among all individuals, envisioning a society without state structures as traditionally understood. An historical example includes the Soviet Union, where the government attempted to centralize control over all production and resources.

Socialism, meanwhile, supports the idea that the means of production should be owned and controlled by the state or the community collectively, but it does not necessarily eliminate private property or market mechanisms. Instead, socialism can be integrated into a capitalist economy through government programs designed to redistribute wealth and provide social services, such as healthcare and education. Examples in the United States include Medicare, Social Security, and public emergency services.

Both systems aim to address disparities, but socialism maintains elements of private ownership and democratic governance, whereas communism pushes for a complete dismantling of capitalist structures and private property. To explore this “Our Time” debate, take the 6-minute deep dive: Socialism is NOT Communism.