The key difference between socialism and communism lies in their approaches to economic organization and ownership. Socialism advocates for collective or government ownership of key industries while allowing for a mix of public and private enterprise, aiming to reduce inequality and provide social welfare. In contrast, communism seeks a classless society where all property is commonly owned, eliminating personal ownership altogether. While both ideologies focus on addressing class disparities, their methods and end goals differ significantly, shaping their respective political frameworks.