Socialism is an economic system characterised by the collective or public ownership and control of the means of production and distribution of goods and services, with the goal of promoting social equality and meeting the needs of the community rather than maximizing private profit. In socialist systems, there is typically a greater degree of government intervention in the economy compared to capitalism, with the state often playing a significant role in planning and regulating production, managing key industries, and providing social welfare programs. The specific forms and extent of public ownership and control can vary among different socialist models, ranging from democratic socialism to more centrally planned economies.