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WordReference Random House Learner's Dictionary of American English © 2024so•cial•ism /ˈsoʊʃəˌlɪzəm/USA pronunciation n. [uncountable]- Governmenta theory or system of social organization in which the means of production and distribution of goods are owned and controlled by groups or by the government.
See -soc-. WordReference Random House Unabridged Dictionary of American English © 2024so•cial•ism (sō′shə liz′əm),USA pronunciation n. - Governmenta theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
- Governmentprocedure or practice in accordance with this theory.
- Government(in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles. Cf. utopian socialism.
Collins Concise English Dictionary © HarperCollins Publishers:: socialism /ˈsəʊʃəˌlɪzəm/ n - an economic theory or system in which the means of production, distribution, and exchange are owned by the community collectively, usually through the state. It is characterized by production for use rather than profit, by equality of individual wealth, by the absence of competitive economic activity, and, usually, by government determination of investment, prices, and production levels
Compare capitalism - any of various social or political theories or movements in which the common welfare is to be achieved through the establishment of a socialist economic system
- (in Leninist theory) a transitional stage after the proletarian revolution in the development of a society from capitalism to communism: characterized by the distribution of income according to work rather than need
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