Socialism
A political and economic ideology advocating collective or state ownership of the means of production and greater economic equality.
Explanation
Socialism advocates for collective or state ownership of the means of production (factories, resources, infrastructure) and a more equal distribution of wealth. It exists on a wide spectrum: democratic socialists seek to transform capitalism through elections and gradual reform; Marxist-Leninists advocate revolutionary change and central planning. In practice, "socialist" is used very loosely — Nordic social democracies (Sweden, Norway, Denmark) are sometimes called socialist but operate market economies with strong welfare states. Cuba, Vietnam, and Laos are formally socialist one-party states. The word means very different things in American politics (where it's often used as an accusation) versus European politics (where social democratic parties are mainstream).