The primary difference between socialism and communism lies in their approaches to economic systems and property ownership. Socialism advocates for collective or governmental ownership of the means of production but allows for some degree of private enterprise and individual property rights. It often seeks to balance equity with market mechanisms. In contrast, communism aims for a classless society with complete communal ownership of all property, where the state is expected to eventually dissolve. Ultimately, socialism represents a spectrum of economic systems focused on achieving social welfare, while communism envisions a radical transformation of society.