Socialism

Socialism: Means of production are owned and operated by Society/state. Profit is used for social welfare and distribution on the principle of equity.

Socialism in Practice: Means of production are mostly owned and operated by state. Private property and enterprise regulated heavily, progressive taxation, welfare state- free or subsidized education, health care, social security, public facilities, income distribution to lessen inequalities.

Communism: Property less, classless, and stateless autonomous, self-governing co-operative community living where everyone works as per his ability and get as per his needs. Remained largely a utopia.

Socialism to Communism

A mode of production and consequent socio-political order in which means of production (land, equipment, technology, capital, entrepreneurship) are owned by society as a whole represented by state. Social ownership of means of production. Profit earned are socially distributed on the principle of equity. Society/state and not market decides what and how much to produce, how to produce, and for whom to produce.

From Socialism to Communism:

Vision of classless, moneyless, propertyless, and stateless society wherein everyone lives as co-operative community life of bliss, contentment and happiness. From everyone as per his ability and to everyone as his need.

Socialism, Social Democracy, and Communism