Final answer:
Socialism is based on the idea that the government should ensure that all individuals' needs are met through social and economic equality, government-provided services, and the public management of resources.
Step-by-step explanation:
Socialism in theory is primarily based on the principle that individuals should rely on the government to meet their needs. Under socialism, the government works to prevent social and economic inequalities by redistributing wealth through higher taxes on the wealthy and implementing social programs like health care, education, and other public services.
The means of generating wealth, such as factories and banks, are typically owned by the government rather than private individuals. This system aims to provide equal opportunities and equal outcomes for citizens, contrasting with capitalism's individual-centered approach, which socialists argue can lead to inequality and the exploitation of society. Socialism advocates for the public management and ownership of resources to serve community needs over private interests.