Socialism is the political philosophy that emphasizes collective ownership and decision-making. It advocates for the means of production, distribution, and exchange to be owned or regulated by the community as a whole. This ideology seeks to reduce inequalities within society by ensuring that wealth is distributed more fairly and that individuals have a voice in governance. Socialism encompasses various theories and practices, ranging from democratic socialism, which operates within a democratic framework, to more authoritarian implementations. It has significantly shaped global political movements and continues to influence debates about economic systems and social justice.