Socialism is a political and economic theory advocating for social ownership and democratic control of the means of production, distribution, and exchange, rather than private ownership. Its core tenets include a commitment to social equality, collective welfare, and a significant role for the state or community in economic planning and resource allocation. Socialists generally believe that capitalism inherently generates inequality, exploitation, and alienation, and that a more just society can be achieved through cooperation and collective action.

Fabian Socialism is a distinct and influential strand of socialist thought that emerged in late 19th-century Britain. Its salient features include:

1. Gradualism and Evolution: Unlike revolutionary Marxism, Fabianism rejects violent revolution. It advocates for a slow, incremental, and evolutionary transition from capitalism to socialism through democratic means. They believed in 'permeating' existing institutions with socialist ideas.
2. Democratic Means: Fabians emphasized working within the existing parliamentary system, using education, persuasion, and electoral politics to achieve their goals. They sought to influence public opinion and policy-makers rather than overthrowing the state.
3. Role of the State: Fabians envisioned an expanded role for the state in managing the economy and providing social welfare. They advocated for nationalization of key industries, municipal ownership of public services (e.g., water, gas, transport), and the establishment of a comprehensive welfare state to address poverty and inequality.
4. Intellectual and Expert-Led Reform: The Fabian Society, founded by intellectuals like Sidney and Beatrice Webb, George Bernard Shaw, and H.G. Wells, believed in the power of research, statistics, and expert knowledge to inform policy and demonstrate the practical benefits of socialist reforms.
5. Ethical and Moral Basis: Fabianism was often rooted in ethical considerations, emphasizing social justice, efficiency, and the moral imperative to alleviate suffering and improve the lives of the working class. They believed in the 'inevitability of gradualness' towards a more rational and just society.

In essence, Fabian Socialism offered a pragmatic, non-revolutionary path to socialism, deeply influencing the British Labour Party and the development of the modern welfare state.