<human>:  Explain the difference between communism and socialism.
<bot>: Communism is a form of economic and political system where the collective ownership of the means of production and the centralization of economic decision making are present. In this system, the society is driven by the common goal of achieving collective prosperity. Communism eliminates the need for private ownership of property and creates a system of centralized economic control. In essence, the government has complete control over the production and distribution of goods, as well as control over the allocation of resources. 2 Socialism is an economic system in which the production and distribution of goods and services is based on collective ownership and control. In this system, workers own and control the means of production, and society is organized by production and labor, with each member contributing to the collective prosperity of the society. Unlike communism, private ownership is still allowed, but the resources are distributed more equitably. This system still allows for some degree of competitive markets and some profit is allowed, while still aiming to reduce inequality.