One of the main common goals of both socialism and communism is the collective, public ownership of utilities and the means of production. In a communist system, there is no private property. In a socialist system, there is both private and public ownership of utilities and the means of production.

The degree to which there is private ownership in socialist societies varies. For instance, during the Thatcher years in the early 1980s, many public utility companies in Britain were privatized, but there were still many aspects of British society which remained socialized, such as the National Health Service.

Another common goal of both socialism and communism is to provide a basic social safety net which guarantees housing, food, education and old age pensions to all citizens.