Similarities:
Socialism and communism are similar in that they both focus on equality for the people. They both strive to eliminate private ownership, and believe that land, factories, and other economic resources should be government owned instead of privately owned. This theory of public ownership and centralized planning are the main similarities
Commuinism:
Communism is a similar concept, in that ownership of land, capital and industry can not be owned or controlled by the individual. However, under Communism the control of these things is not by a local community but by the State Government. Under this system the government has total control of everything produced and control what is made, and who will receive the goods and services produced. Under this system you are not allowed to own your own home, your own car, your own furniture, or even the food you eat. The State decides what you can use and where you will work. So they control water, land, coal, agricultural, oil, pretty much everything Mr. Kapptie wrote on the board.
Socialism:
Socialism is a concept that individuals should not have ownership of land, money, or industry, but rather the whole community collectively owns and controls property, goods, and production. Ideally, in this system all share equally in work and the fruits of their labor. Basically, socialism is like a hunter/gathering kind of community, whatever you have everyone else gets a piece of and no one is left out.
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