The theory of socialism is an economic system where there is collective or state ownership over major industries, with the aim to reduce inequality and create a more equitable society.
Related terms
Means of Production: Resources such as factories, land, machinery, etc., used to produce goods or services.
Redistribution: The process by which wealth or resources are distributed more evenly among individuals or groups in a society.
Welfare State: A system where the government provides social programs (such as healthcare or education) to ensure citizens' well-being.