socialist theory

Socialist theory advocates for collective or community ownership of the means of production, such as factories, land, and resources, rather than private ownership. Its goal is to promote economic equality and reduce disparities by ensuring that wealth and resources are shared more fairly among all members of society. Socialists believe that this approach can lead to a more just and cooperative society, where essential goods and services are accessible to everyone, and decisions about production are made democratically. While there are many variations, the core idea is balancing individual effort with social responsibility.