Taxonomy is a consistent way of classifying and describing content and information that allows people to think about information in the same way. This type of system ensures that content is stored and managed in a manner that is consistent with that type of content.
On the other hand, folksonomies have no classification restrictions. They are user generated tags which provide meaning to the users. The sharing of knowledge is greater since tagging generates communication. The easier to understand tags also assist search and retrieval of information.