Simple Definition of socialism
: 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
2a : a system of society or group living in which there is no private propertyb : a system or condition of society in which the means of production are owned and controlled by the state
Usage Discussion of socialism
In the many years since socialism entered English around 1830, it has acquired several different meanings. It refers to a system of social organization in which private property and the distribution of income are subject to social control, but the conception of that control has varied, and the term has been interpreted in widely diverging ways, ranging from statist to libertarian, from Marxist to liberal. In the modern era, “pure” socialism has been seen only rarely and usually briefly in a few Communist regimes. Far more common are systems of social democracy, now often referred to as “democratic socialism,” in which extensive state regulation, with limited state ownership, has been employed by democratically elected governments (as in Sweden and Denmark) in the belief that it produces a fair distribution of income without impairing economic growth.
Examples of socialism in a sentence
She is quite right, for example, to stress that Thatcher's crusade against socialism was not merely about economic efficiency and prosperity but that above all, “it was that socialism itself—in all its incarnations, wherever and however it was applied—was morally corrupting.” —Stephen Pollard, New York Times Book Review, 18 Jan. 2009
Lenin's great genius, of course, was for ideology, which was redefined all too often to support the tactical requirements of the moment. But owing to his fanatical conviction of his own righteousness, especially where socialism was concerned, and also to the Promethean force of his will, his pronouncements were enshrined by his followers as universal truths. —Michael Scammell, New Republic, 20 Dec. 1999
First Known Use of socialism
SOCIALISM Defined for Kids
Definition of socialism for Students
: a social system or theory in which the government owns and controls the means of production (as factories) and distribution of goods
Seen and Heard
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