The political theory advocating for the collective ownership of the means of production is known as socialism. In socialist systems, resources and industries are owned and controlled collectively, meaning that wealth and power are distributed more equitably among the population. Unlike capitalism, which prioritizes individual ownership and profit, socialism emphasizes social welfare and aims to reduce economic inequality. Different forms of socialism exist, ranging from democratic socialism, which allows for democratic processes, to more authoritarian variants that limit political freedoms. A key aspect of socialism is its critique of capitalism’s inherent inequalities.