Socialism is a political and economic ideology that advocates for collective or governmental ownership and administration of the means of production and distribution of goods. It aims to reduce inequality and provide a more equitable distribution of wealth among the population, often emphasizing social welfare and public services. In practice, socialism can take various forms, ranging from democratic socialism, which combines political democracy with social ownership, to more authoritarian models. Key figures in the development of socialist thought include Karl Marx and Friedrich Engels, whose works laid the foundation for modern socialist movements.