Class position determined by role in production process and shared economic interests. Class is a group with intrinsic tendencies different from others in society. Production structure forms basis of class construction
Egalitarianism prioritizes social equality for all people. All humans are equal in fundamental worth and moral status. Promotes equal opportunities regardless of background
Socialism owns means of production publicly, while capitalism privately owns them. Socialism aims to eliminate income inequality through government control. Capitalism relies on supply and demand, while socialism controls prices
Both arose from Industrial Revolution worker exploitation protests. Both assume government-controlled production and central planning. Both aim to eliminate private property and class divisions
China, Cuba, Laos, North Korea, and Vietnam are the only communist countries as of 2021. North Korea considers itself a communist but has removed communist references from its constitution. Cambodia was communist under Khmer Rouge rule until becoming a constitutional monarchy
Mixed economy combines capitalism and socialism elements. Most modern economies are mixed systems. Private sector works alongside public sector for limited resources