As economic theories, socialism and communism sought to

Socialism and communism are both economic and political theories that aim to address issues related to the distribution of wealth and resources in society. Here’s a brief overview of their goals:

Socialism

• Economic Equality: Socialism seeks to reduce the disparity between the rich and the poor by redistributing wealth more evenly across society.
• Public Ownership: It advocates for public or collective ownership of the means of production, such as factories and resources, to ensure that profits benefit the entire community rather than individual capitalists.
• Social Welfare: Socialism emphasizes the provision of social services like healthcare, education, and housing to ensure a basic standard of living for all citizens.

Communism

• Classless Society: Communism aims to create a classless society where all individuals have equal status and opportunities.
• Common Ownership: It proposes the abolition of private property, with all resources and means of production owned collectively by the people.
• Stateless Society: In its ultimate form, communism envisions a stateless, moneyless society where goods and services are distributed according to need.

Both theories emerged as responses to the inequalities and perceived injustices of capitalist systems, advocating for different degrees of state intervention and collective ownership to achieve their goals.