The Difference Between Socialism & Communism

Based on emails I receive on shows we do on the economy, there are some who are not clear on the concept of the difference between Socialism and Communism, and in some cases, the difference between Socialism and Capitalism.

With surveys showing that a growing number of people today believe that Capitalism is failing and that Socialism is a good alternative, including the majority of Gen Z, we need to all engage in this conversation...with the facts:

Investopedia goes into detail on the subject, but in a nutshell, Socialism, the cousin of Communism, refers to an economic system, which seeks to control the market for "the redistribution of wealth." While communism refers to both an economic and a political system, which seeks to manage both the economy and the society by controlling the distribution of property and more in order to "achieve both classlessness and statelessness". Socialism seeks to manage the economy through "deliberate and collective social control." Communism on the other hand, seeks to manage both the economy and the society by controlling the working person, (their slogan: "Workers of the world unite!"), who is paid "according to their abilities and needs." In other words, as determined by the government. Private property is not valued. Both socialism and communism are anti-capitalism.

In my interviews with Jay Richards on his book, "Money, Greed & God" we learned that Capitalism Is an economic system based on the free exchange of goods and services without fraud, theft and breech of contract; it is a free market economy.

In their Communist Manifesto Karl Marx and Fredrich Engels outlined the goals of Marxism, which is a vision of "a future society free from class antagonism, which will purportedly be brought about by the establishment of communism and the demise of oppressive capitalism." Thus the end goal of Marxism is a future one-world communist, capitalistic-free Utopian state.

This is not the first time a country rethinks it's economic policies when dealing with a huge financial crisis. It is also not the first time that Marxist/Socialist advocates are extolling their view and criticizing capitalism, using their main argument -- "FAIRNESS." But is Marxism fair? No it is not.