The central principles of socialism focus on collective ownership, economic egalitarianism, and the emancipation of the working class. Socialists believe in the redistribution of wealth and resources through public ownership of key industries, minimizing the disparities created by capitalism. They advocate for comprehensive social programs that ensure access to essential services like health care, education, and housing. By prioritizing social welfare and democratic control over production, socialism aims to reduce poverty and enhance the quality of life for all citizens, promoting a more just and equitable society.