state socialism

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state socialism

(Government, Politics & Diplomacy) a variant of socialism in which the power of the state is employed for the purpose of creating an egalitarian society by means of public control of major industries, banks, etc., coupled with economic planning and a social security system

state socialist n

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Noun

state socialism - an economic system in which the government owns most means of production but some degree of private capitalism is allowed

economic system, economy - the system of production and distribution and consumption

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