SOCIALISM

socialism

(noun) a political theory advocating state ownership of industry

socialism, socialist economy

(noun) an economic system based on state ownership of capital

Source: WordNet® 3.1

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Etymology

Noun

socialism (usually uncountable, plural socialisms)

Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.

A system of social and economic equality in which there is no private property.

A system or condition of society in which the means of production are owned and controlled by the state.

(Marxism) The intermediate phase of social development between capitalism and communism in Marxist theory in which the state has control of the means of production.

Any of a group of later political philosophies such democratic socialism and social democracy which do not envisage the need for full state ownership of the means of production nor transition to full communism, and which are typically based on principles of community decision making, social equality and the avoidance of economic and social exclusion, with economic policy giving first preference to community goals over individual ones.

(US politics, colloquial) Any left-wing ideology, government regulations, or policies promoting a welfare state, nationalisation, etc.

Antonyms

• capitalism

• free enterprise

Source: Wiktionary

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So"cial*ism, n. Etym: [Cf. F. socialisme.]

Definition: A theory or system of social reform which contemplates a complete reconstruction of society, with a more just and equitable distribution of property and labor. In popular usage, the term is often employed to indicate any lawless, revolutionary social scheme. See Communism, Fourierism, Saint-Simonianism, forms of socialism. [Socialism] was first applied in England to Owen's theory of social reconstruction, and in France to those also of St. Simon and Fourier . . . The word, however, is used with a great variety of meaning, . . . even by economists and learned critics. The general tendency is to regard as socialistic any interference undertaken by society on behalf of the poor, . . . radical social reform which disturbs the present system of private property . . . The tendency of the present socialism is more and more to ally itself with the most advanced democracy. Encyc. Brit. We certainly want a true history of socialism, meaning by that a history of every systematic attempt to provide a new social existence for the mass of the workers. F. Harrison.

Source: Webster’s Unabridged Dictionary 1913 Edition

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