Socialism is an economic and political system that advocates for collective or government ownership and control of the means of production. In a socialist framework, the goal is to achieve a more equitable distribution of wealth and eliminate class distinctions. Key characteristics include communal ownership of resources, centralized planning, and an emphasis on social welfare programs. Socialism contrasts with capitalism, aiming to address economic inequality and promote social cooperation over individual profit. It manifests in various forms, from democratic socialism to more centralized models seen in certain historical examples.