A system of government which is based on the public ownership of means of production and distribution is called

A system of government which is based on the public ownership of means of production and distribution is called socialism. In a socialist system, the government or the community as a whole owns and controls the means of production and distribution of goods and services, as opposed to private individuals or corporations. The aim of socialism is to create a more equal and just society by ensuring that wealth and resources are distributed fairly among all members of the community. Under socialism, the government is responsible for ensuring that everyone has access to basic goods and services such as healthcare, education, and housing, and that these goods and services are of a high quality and affordable for all. Socialism is often contrasted with capitalism, which is based on private ownership of the means of production and a free market economy.