A system in which the factors of production are owned by the public and operate for the welfare of all. It grew out of an optimistic view of human nature, a belief in progress, and a concern for social justice. Socialists argued that the government should plan the economy rather than depend on free-market capitalism to do the job and that government control of factories, mines, railroads, and other key industries would end poverty and promote equality. Public ownership, they believed, would help workers, who were at the mercy of their employers.