Socialism is a political and economic 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 wealth gap by distributing resources more fairly among all members of society. In a socialist system, the government often plays a significant role in planning and managing the economy. This can include providing essential services like healthcare and education, which are seen as rights rather than privileges. Countries like Cuba and Sweden have implemented various forms of socialism, each with its unique approach and outcomes.