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What is the difference between socialism and communism?
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The main difference between socialism and communism is the level of government intervention in the economy. Socialism is an economic and political system in which the government owns and controls production and distribution of resources, while communism is a system in which the government owns all property and sets prices and production goals. Socialism has a wider scope and focuses on more economic equality between citizens. Communism, on the other hand, is a less flexible system with a more rigid set of rules for managing the economy.