Key characteristics of socialism as a political ideology include collective ownership of resources, emphasis on social equality, and the prioritization of community welfare over individual profit. Socialism advocates for policies that reduce economic disparities, such as universal healthcare, quality education, and workers’ rights. It challenges capitalist systems by seeking to redistribute wealth and empower marginalized groups. Variants of socialism exist, ranging from democratic socialism, which emphasizes democratic processes within a socialist framework, to more authoritarian interpretations. Overall, socialism aims for a more equitable society, promoting the idea that economic resources should benefit all, not just a few.