Socialism is an economic and political system based on the idea that all members of society are equal and should share equally in its resources. In a socialist system, all workers own and manage the means of production, such as factories and businesses, instead of having them privately owned. The government also plays a significant role in managing the collective resources and decisions and providing for everyone’s needs. Under socialism, all citizens are guaranteed access to basic goods and services from the government, such as housing, healthcare, education, and food. Different forms of socialism have different views on how these goods and services should be provided. Socialism works towards eliminating inequality, reducing poverty, maximizing economic security, and increasing democratic control over economic systems.