The political theory advocating for the redistribution of wealth is known as socialism. Socialists argue that wealth and resources should be distributed more equitably within society to reduce economic inequality and improve the welfare of all citizens. This theory challenges the principles of capitalism, which often prioritize individual wealth accumulation and free markets. In practice, socialist policies may involve progressive taxation, increased social services, and state ownership of key industries, aimed at ensuring that all citizens have access to basic needs and opportunities for advancement.