What are the similarities and differences between the careers of graphic arts and graphic design?

I'm not sure if I should major in graphic arts or graphic design. What can you do for a career in graphic arts and graphic design? What are the similarities and differences between these two?

Graphic arts usually include the knowledge of the whole procedure of production that ranges from the concept, design, implementation and printing and broadcast media.
On the other hand, a graphic designer, while having some extent of knowledge on the above process, does not get involved in the actual production.
A freelance designer is another type of person, for whom the knowledge of the complete process is an advantage.
An art designer should know the entire process beyond the design.