Political ideology and socio-economic system advocating social ownership of production

Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. It includes the political theories and movements associated with such systems. Social ownership can be public, collective, cooperative, or of equity. While no single definition encapsulates the many types of socialism, social ownership is the one common element. The types of socialism vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and socialists disagree on whether government, particularly existing government, is the correct vehicle for change.