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Communism is Socialism, Socialism is Communism.

Some people seem to believe they are different, but they are actually the same. I just don't care about either enough to differentiate between them.

Communism, social studies, socialites, communities, and communion are all very similar.
by Sum Yonguy November 10, 2005
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30
1. Socialism is an economic system based on common ownership of the means of production. Socialism aims at equalizing income. Socialism abolishes private titles in capital, especially publicly traded stock. Citizens of a socialist state each receive a ‘social dividend’ as equal owners of socialized capital. Social dividend payments can be either ‘in kind’ through distribution of consumer goods or through cash payments.

2. Socialism is an economic system that abolishes markets for financial and real capital. Socialism prohibits private speculation for profit. Socialism substitutes central planning of capital investment for entrepreneurial planning. Socialism necessarily leads to centralized economic control by political authorities and is therefore antidemocratic. The political nature of socialism leads to mismanagement of capital investment and declining living standards.

3. Socialism is an economic system that transfers income from wealthy to poor. Socialism operates on the principle of “from each according to his ability, to each according to his need. Socialism entails incentive problems known as The Tragedy of the Commons. Socialism impairs incentives for labor productivity and the care of natural and capital resources. Western welfare-redistributive states constitute limited forms of socialism.

4. Socialism is an economic system where each is responsible for everyone but themselves.
state socialism
1. The USSR and its satellites
2. NAZI Germany
3. Red China

Semi-Socialist Welfare States
1. New Deal/Great Society America
2. The Swedish Welfare State 1950-1992
3. Pre Thatcher-Post 1960 England of the Labor Party
4. Post 1960 West Germany/Germany
by economicsprofessor January 01, 2008
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31
Direct ownership of all good by the elite few.
I remember when there was prosperity with Capitalism but now I get taxed at %90 and have to ask the Goverment if it's ok to wipe my ass.
by Anonymous October 24, 2002
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32
A political and economic system in which property and the distribution of wealth are subject to social control, through which the government hopes to stop or reduce poverty, unemployment and exploitation. Looks good on paper but fails because it doesn't understand the extremely complex nature of business and works off the insulting notion that people are ants and will work for no reward or acknowledgement of their skills, hardwork or efficiency.

Most countries experience huge falls in the standard of living under socialist states due to massive mismanagement of the economic system and the general failure to realise the importance of private businesses in wealth creation and
living standards. Under a socialist system businesses suffer huge drops in efficiency because of central planning and lack of competition, although they can produce basic requirements such as food and clothing they cannot produce
other items that are not required but are in demand such as computers or about anything else that made your life fun.
Also more people are required to produce everything due to the massive drop in efficiency, although you have more people employed than in a capitalist system they produce far fewer goods at a far greater cost.

There are only 10 current real socialist states: Angola, China, Cuba, Congo (republic of), North Korea, Libya, Mozambique, Sri Lanka, Syria and Vietnam. Some people claim that socialism is the next thing after capitalism, these are mainly white middle class students who have not studied business (you find few business studies students who have anything good to say about socialism)and socialism's greatest flaw is that it goes against basic laws of business which will do not change, also the current socialist states have some of the worlds lowest living standards and there numbers are constantly shrinking and no new ones are likely to develop whilst capitalist systems are growing all the time and have grater living standards (even for the working class).

Like Communism, Socialism is a utopian vision of society that is simply unworkable, this is because it was developed by Marx and Engels in Russia under a autocratic system where 85% people had to work for 16 hours a day to survive and were basically slaves. However society has changed a great deal and such injustices no longer exist, any attempts to get socialism to work today are stupid at best and suicidal at worst.
Contrary to what some of you idiots are saying neither Canada or any country in Western Europe is socialist or even close to it. Socialism is dead, write that in your scrap book hippie
by Niallcroydon October 28, 2006
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33
Something that doesn't work on paper either. See Mises _Socialism_ and Hayek's _Road to Serfdom_.
Socialism is proven irrational and destructive on paper and in reality, so it must be a good idea!
by Von Mises Ghost August 12, 2003
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34
a good idea but always poorly implimented.

see wordcommunism/word
by yomoma April 19, 2003
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35
exploting the masses in the name of the masses in order to gain wealth and power.
by jeff rasmussen November 16, 2003
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