Socialism is a system where the government or community owns and controls key industries and services, ensuring everyone’s basic needs, like healthcare and education, are met, but allows for some private ownership. Communism, on the other hand, seeks to abolish private ownership entirely, with all property and resources shared equally by the community, creating a classless society. Socialism can be seen as a step towards communism, as both aim to reduce inequality. However, socialism still permits some private property, while communism aims for complete communal ownership and equal sharing of all goods and services.