A socialist economy is a system where the means of production, such as factories and resources, are owned and controlled by the state or the community as a whole. The goal is to distribute wealth more equally among the population, reducing the gap between the rich and the poor. In this system, the government often plays a significant role in planning and regulating economic activities. In a socialist economy, essential services like healthcare, education, and transportation are typically provided by the government to ensure that all citizens have access. This approach contrasts with a capitalist economy, where private ownership and market forces primarily drive economic decisions. Examples of countries with socialist elements include Cuba and Venezuela.