In this alternative economic system, factories, large farms, and banks, are owned by the government. The government accumulates wealth and then redistributes it to citizens in the form of social programs providing free or inexpensive health care, education, and childcare.

This is called Socialism

Explanation:

Socialism system of government is a social and economic system which is recognized by social ownership of every means of production and the self management of workers. Wealth is accumulated by the government and shared among its citizens. Wealth redistribution is in form of free education, healthcare and others.