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Abstract: This paper has mainly focused on the concept of taxonomy and foxonomy. Both taxonomy and folksonomy are used to increase the efficiency of information retieval in digital environment system. The taxonomy is developed by expperts or professionals followed by a controlled vocabulary or standard subject heading list whereas folksonomy is an uncontrolled vocabulary and enriched by users' collaborative tags / users' warrants. In this paper a study has been made on properties, scope, functions of folksonomy and differences with taxonomy.
Keywords: Taxonomy, Folksonomy, Digital Library System, Taggind, Automated Library System.