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"Socialism is an economy where production is owned and run by the workers for the benefit of the working class"

Isn't that communism?




No. There's a reason why they are two different words. Socialism is after capitalism but before communism in terms of Marxist theory. From my understanding the big difference is there is still competition in socialism and things are privately owned by the workers, where as everything is publicly owned in communism. Remember that during Marx's time it was unusual to have the boss down on the production line working with his employees. Now a days people have become what Seth Godin like to call linchpins. It's not rare to have your boss coding or designing with you if you work at a start-up.




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