Socialist theory is a political and economic ideology that advocates for the collective or governmental ownership of the means of production, distribution, and exchange. It aims to reduce inequality and promote social welfare by ensuring that resources and wealth are shared more equitably among all members of society. Key concepts in socialist theory include class struggle, where the working class seeks to overcome the dominance of the capitalist class, and social justice, which emphasizes fairness and equal opportunities for all. Various forms of socialism exist, ranging from democratic socialism to more authoritarian models, each with different approaches to achieving these goals.