The ideology that advocates for the collective ownership of the means of production is known as socialism. This political and economic system stresses that resources and industries should be owned and controlled by the community or the state, rather than by private individuals. Socialism aims to reduce income inequality, ensure equitable access to goods and services, and promote social welfare. It contrasts sharply with capitalism, where private property and profit motive drive economic activity. Various forms of socialism exist, ranging from democratic socialism to more authoritarian models, each reflecting different approaches to ownership and governance.