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socialism |
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socialism Noun a political and economic theory or system in which the means of production, distribution, and exchange are owned by the community collectively, usually through the state socialist nadj socialism 1. a theory or system of social organization advocating placing the ownership and control of capital, land, and means of production in the community as a whole. Cf. utopian socialism. See also: Politics2. the procedures and practices based upon this theory. 3. Marxist theory. the first stage in the transition from capitalism to communism, marked by imperfect realizations of collectivist principles. — socialist, n., adj. — socialistic, adj. a theory of government based upon the ownership and control of capital, land, and means of production by the community as a whole. See also: Government
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