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Socialism is a political, social, and economic philosophy defined by social ownership of the means of production and democratic control or workers' self-management of enterprises. Social ownership can be through the state, through a collective or cooperative, or of equity, in the sense of shares of ownership in businesses. Socialism has many different variants, as it is defined by just social ownership of the means of production. Different socialists thus have different views on things like the role of democracy, whether to focus more on electoralism or revolution, or the degree of market involvement in the economy.

As the means of production are owned collectively in socialism, enterprises are oriented for the needs of many rather than the pleasure of a few. There are different dynamics in socialism than in modes of production which feature private property, as socialism seeks the abolition of commodity production and capital accumulation, instead organizing industry on the principle of production for use.