Source: https://en.wikipedia.org/wiki/Democratic_socialism

Democratic socialism: a political philosophy that supports democratic governance and a socially-owned economy. Let's define democratic socialism and contrast it with Marxism-Leninism, state socialism, and social democracy. Let's further discusses the various economic models proposed by democratic socialists, including market socialism, democratic planning, and decentralized planning. We'll also explore the history of democratic socialism, its philosophical underpinnings, and the debate on the compatibility of democracy and socialism.