Socialist ideology advocates for collective ownership of resources and the means of production. It emphasizes the redistribution of wealth and aims to create an egalitarian society where wealth is shared more equally among all members.
Related terms
Collective Bargaining: The process in which workers negotiate wages, working conditions, and other employment terms collectively through labor unions.
Public Ownership: Refers to industries or resources being owned by the government or community rather than private individuals or corporations.
Economic Equality: The concept of reducing disparities in income and wealth distribution among individuals within a society.