economic socialism

Economic socialism is an approach where the community or the government owns and controls key industries and resources, aiming to reduce inequality and ensure fair access to goods and services. Instead of private companies solely making profits, profits are often used to benefit society as a whole. It emphasizes planned or collective decision-making to meet everyone's needs, rather than focusing solely on profit. While some private enterprise may exist, the focus is on balancing economic activity to promote social welfare, reduce disparities, and ensure that essential services like healthcare, education, and transportation are accessible to all.