The concept that involves the economic and political theory stating that government should own the means of production is known as socialism. Socialism advocates for communal ownership and democratic control of resources and industries, with the intent of promoting equality and reducing disparities in wealth. In socialist systems, the government often takes a lead role in the economy, managing resources and aiming to provide for all citizens' basic needs, including healthcare, education, and housing. This contrasts with capitalist systems, where private individuals or businesses own the means of production and operate for profit. Variants of socialism include democratic socialism and communism.