Socialism and communism share roots in the critique of capitalism but differ in their goals and implementation. Both advocate for the collective ownership of production means, but socialism allows for varying degrees of private ownership and market activities, typically within a democratic framework. In contrast, communism seeks to establish a classless society through revolutionary means, ultimately abolishing private property altogether. While both aim to reduce socio-economic inequalities, socialism can coexist with democratic institutions, while communism traditionally emphasizes a more authoritarian approach to achieve its objectives.