The economic policy characterized by state control over resources and industries is known as socialism. In a socialist system, the government or collective groups own the means of production, and economic activity is centrally planned to achieve equitable distribution of wealth. This contrasts with capitalism, where private ownership and free markets drive economic decisions. Socialism aims to reduce inequalities and provide universal access to essential services like healthcare, education, and housing, often leading to debates about efficiency, personal freedoms, and the role of government in society.