Socialism is an economic system and political framework characterized by collective or government ownership of the means of production and distribution. It serves as a significant alternative to capitalism, advocating for an equitable distribution of wealth and resources. Within the context of Marxist-Leninist theory, socialism is viewed as a transitional phase that leads from capitalism to communism, emphasizing the role of a centralized authority in managing economic activities.

The concept encompasses various interpretations, including democratic socialism, which seeks to blend democratic political processes with socialist economic policies. The discourse surrounding socialism often includes comparisons to capitalism, highlighting differences in ownership, economic planning, and social equity. Additionally, socialist realism and the broader socialist system provide cultural and historical contexts for understanding socialism's influence on art, society, and governance. Overall, socialism invites diverse perspectives on economic organization and social justice, making it a rich subject for exploration and debate.