The economic system where the means of production are owned collectively is known as socialism. In this system, the community or the state typically owns resources and enterprises instead of private individuals. This ownership can take various forms, ranging from full state control to cooperative ownership by workers. The goal of socialism is often to reduce inequalities in wealth and power, ensuring that all members of society have access to essential goods and services. While socialism has been implemented in various ways around the world, its principles aim to promote social welfare and economic equity.