Final answer:
The system that prioritizes the interest of society over the individual is Socialism. It proposes community ownership of production means and distribution based on communal needs, different from the individual-focused nature of capitalism.
Step-by-step explanation:
The system that operates under the principle that the interest of society should prevail over that of the individual is most closely associated with Socialism. In contrast to capitalism, where private ownership and individual interests are paramount, socialism advocates for the means of production, distribution, and exchange to be owned or regulated by the community as a whole. This approach suggests that the resources and goods should be distributed based on the needs of the community, rather than on individual acquisitiveness.
While both socialism and communism seek to address economic inequality by prioritizing the communal good, they differ in their applications and principles. Communism, for example, goes further than socialism in eliminating private property and often proposes that all goods and resources should be controlled by the state for the common good. On the other hand, capitalism is characterized by private ownership and a competitive market economy. Utilitarianism, which is more of an ethical framework than an economic system, advocates for actions that maximize happiness for the greatest number of people, but does not necessarily dictate how society should organize its economic structures.