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socialism

Pronunciation: /ˈsəʊʃəlɪz(ə)m/
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Definition of socialism

noun

[mass noun]
  • a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
  • policy or practice based on the political and economic theory of socialism.
  • (in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of Communism.

The term ‘socialism’ has been used to describe positions as far apart as anarchism, Soviet state Communism, and social democracy; however, it necessarily implies an opposition to the untrammelled workings of the economic market. The socialist parties that have arisen in most European countries from the late 19th century have generally tended towards social democracy

Origin:

early 19th century: from French socialisme, from social (see social)

socialism in other Oxford dictionaries

Definition of socialism in the US English dictionary

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