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Main Entry:
so·cial·ism Listen to the pronunciation of socialism
Pronunciation:
\ˈsō-shə-ˌli-zəm\
Function:
noun
Date:
1837

1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods2 a: a system of society or group living in which there is no private property b: a system or condition of society in which the means of production are owned and controlled by the state3: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done