socialism
nounDefinition 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 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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