Socialism
There are many kinds of socialism. In all types, at least in principle, the state or workers own the means of production. Mean of production is originally a  communist term which describes the tools that are needed to make goods. In a capitalist economy, these tools are normally owned by one person, and can range from a machine in a factory to an entire corporation. The one person hires workers for a wage, and keeps any profits made. The profit is not split up amongst the workers, and this can create inequality as the owner of the mean of production may be able to become very wealthy.