socialism: Meaning and Definition of
Pronunciation: (sō'shu-liz"um), [key]
- 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.
- procedure or practice in accordance with this theory.
- (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles. Cf.
- socialism (Thesaurus)