socialism
Pronunciation
/ˈsoʊʃəlɪzəm/

Definition & Meaning of "socialism"in English

Socialism
01

an economic system in which the state owns and manages major resources, industries, or capital

Grammatical Information
Animacy status
Abstract
Composition
Compound
Uncountable
Examples
Socialism ensures that public assets benefit the population.
02

a political theory promoting state ownership or control of industry to achieve social and economic equality

Examples
Socialism advocates state intervention to reduce class disparities.
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