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Meaning of socialism

so•cial•ism

Pronunciation: (sō'shu-liz"um), [key]
— n.
  1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
  2. procedure or practice in accordance with this theory.
  3. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles. Cf.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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