so·cial·ism noun \ˈsō-shə-ˌli-zəm\
: a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies
Full Definition of SOCIALISM
1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2 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 state
3: 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.
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