In what way does socialism differ from communism?

Socialism is defined as a political and economic system that advocates for community or collective ownership and regulation of the means of production and distribution of goods. The distinction from communism lies primarily in the approach and objectives regarding social ownership and the structure of society.

Community regulation is a key aspect of socialism. It focuses on managing resources and production to benefit the collective rather than individual private interests. This reflects a balance where the community plays a significant role in regulating economic activities, which is not as centralized in communism, where the state typically holds all power and assets.

In contrast, communism seeks to establish a classless society by abolishing private ownership entirely, aiming for a total redistribution of wealth. This often leads to a more authoritarian structure where individual freedoms are more severely curtailed compared to the goals of socialism, which can coexist within a democratic framework.

The other options do not accurately capture the distinction between socialism and communism in the same way. For instance, while socialism indeed may involve government ownership, it doesn't solely emphasize that as the defining characteristic. The notion of abolishing all social classes is more closely aligned with communism. Promoting complete individual ownership contradicts the foundational tenets of socialism, which advocates for collective ownership and regulation.