Which system is often contrasted with capitalism for its emphasis on collective ownership?

Socialism is characterized by its emphasis on collective ownership and the means of production being owned or regulated by the community as a whole, rather than by individual private owners. This system prioritizes equitable distribution of resources and aims to reduce disparities in wealth and power. In contrast to capitalism, where individual ownership and market-driven economics dictate production and allocation of goods, socialism promotes the idea that economic activity should serve the broader interests of society, often through government intervention or cooperative enterprises.

By focusing on collective well-being rather than individual profit, socialism seeks to address issues of inequality and provide for the needs of all citizens. This framework allows for various forms and implementations, but at its core, the principle remains centered on collective ownership and social welfare. In comparison, feudalism is a historical system based on land ownership and a hierarchical class structure, nationalism emphasizes loyalty to the nation-state often at the expense of individual rights and freedoms, and meritocracy refers to a system where advancement is based on individual ability or achievement rather than wealth or social class.