What is the primary goal of socialism as an economic system?

The primary goal of socialism as an economic system is to redistribute wealth within society. This approach focuses on addressing economic inequalities that can occur in capitalist systems, where wealth tends to accumulate in the hands of a few individuals or corporations. By advocating for the redistribution of wealth, socialism aims to ensure that resources, opportunities, and economic benefits are shared more equally among all members of society, promoting social welfare and reducing the gap between the rich and the poor.

In contrast, maximizing individual profits aligns more closely with capitalism, where the primary incentive is the pursuit of personal financial gain. Promoting government ownership of all businesses represents a more extreme form of socialism or communism rather than socialism in a broader sense, which can also include democratic forms that allow for some private enterprise. Encouraging international trade, while beneficial to an economy, is not a goal exclusive to socialism and is often associated more with capitalist economies that value free trade as a means of fostering economic growth. Thus, the focus on wealth redistribution highlights the core intention of socialism to create a more equitable and just economic system.