Socialist and communist economic systems differ primarily in the level of government ownership and the extent to which the means of production are controlled by the state or the community.
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Socialism typically advocates for a significant amount of government ownership and regulation of key industries, but it can coexist with some degree of private ownership and market mechanisms. It allows for more democratic governance and the distribution of resources based on individual needs and contributions.
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Communism, on the other hand, envisions a classless society where all means of production are collectively owned, and there is no private property. In a pure communist system, the government has complete control over all aspects of the economy, leading to a lack of market mechanisms.
In summary, the main difference lies in the amount of government ownership and the extent of private versus collective ownership of resources and production means.