The term "Socialist Party" applies to most of the political parties that are based on Socialism and that existed all around the world in different historical periods including the Socialist Party of America that was founded on 1901 in the U.S. Because this nad other Socialist Parties are based on Socialism they main ideas they promote is that the means of production including factories and farms should belong to all society and not to individuals or corporations, and in the same way society and individuals should be self-managed.
Considering this, one of the statements that describes the basic ideological belief of the Socialist Party is "All factories and farms should be owned and controlled by the people, not private individuals and corporations", because in Socialism the means of production that are all the elements related to production and money should be owned by all society and not by particulars
