Socialism is basically the moderate wing of communism, where some privately owned entities of the economy are seized by the state, but not all of these things are taken by the government. The pros of socialism are free public services. Most of these services are things that would benefit the people the most, therefore eliminating the failures that Communism would install. Industrial Capitalism is an industrial form of the free market, free economic government of Capitalism. In this way, you can see how they differ. Moderate, Socialist countries often maintain a stable economy, but it isn't often based on a certain means of production, such as that of industrial Capitalism, where industrial means of production is the main method of keeping the economy of the country steady.