Socialism (economic theory)

Socialism is an economic theory that advocates for collective or governmental ownership of the means of production, such as factories, land, and resources. The goal is to distribute wealth more evenly across society, reducing inequalities and providing essential services like healthcare and education to everyone. Unlike capitalism, which emphasizes private ownership and profit, socialism focuses on meeting the needs of the community as a whole. Various forms of socialism exist, ranging from democratic socialism, which seeks reform within a capitalist system, to more comprehensive systems advocating for full state control.