The economic theory that emphasizes government control of the economy is known as socialism. In a socialist system, the government typically owns and manages the means of production, distribution, and exchange, aiming to ensure that wealth and resources are distributed more equally among the population. Socialism advocates for reducing economic inequalities and providing public services such as healthcare, education, and social welfare. This theory contrasts with capitalism, where private ownership and free markets prevail. Different forms of socialism exist, ranging from democratic socialism, which incorporates democratic processes, to more authoritarian versions that can limit personal freedoms.