How is economic inequality addressed in a socialist system?

In a socialist system, economic inequality is primarily addressed through social equity measures. This approach focuses on ensuring that resources, opportunities, and wealth are distributed more evenly across society. The principles of socialism prioritize the needs of the community over individual profit, which often manifests in policies aimed at reducing disparities in wealth and access to services.

Social equity measures may include progressive taxation, where higher earners contribute a greater share of their income to fund public services that benefit everyone, such as healthcare, education, and welfare programs. Additionally, socialist systems often emphasize the importance of public ownership or control of key industries, which helps to ensure that profits are reinvested into the community rather than funneled to private individuals.

By implementing these measures, a socialist system seeks to create a more egalitarian society where individuals have equal access to resources and opportunities, thereby reducing the overall level of economic inequality.