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Juli2301 [7.4K]
3 years ago
9

How do Socialists and Communists differ in terms of their approach to the economy?

History
1 answer:
Genrish500 [490]3 years ago
5 0

There are scientific sources that affirm that communism is the extreme form of socialism, others affirm that after the Second World War, socialism appeared as a transformed form of communism.

Now, in terms of the economic focus of both we have;

COMMUNISM:

<em>The goods of production are handled by all, that is to say that the concept of property within the goods of production is annulled. </em>

<em> </em>

<em>The production is related only to meet human needs, without the need for money. </em>

<em> </em>

<em>Look for the condition in which material abundance exists. </em>

SOCIALISM:

<em>The means of production are from public companies or cooperatives. </em>

<em> </em>

<em>Individuals are compensated according to the principle of individual contribution. </em>

<em> </em>

<em>Production can be coordinated by economic planning or economic markets.</em>

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