Socialism is an economic and political system where the means of production, such as factories and resources, are owned or regulated by the community or the state. The goal is to promote equality and reduce the gap between the rich and the poor by distributing wealth more evenly among the population. In a socialist system, the government often plays a significant role in planning and managing the economy, providing essential services like healthcare and education to all citizens. This approach contrasts with capitalism, where private ownership and free markets dominate economic activities.