an economic theory or system in which the means of production, distribution, and exchange are owned by the community collectively, usually through the state. It is characterized by production for use rather than profit, by equality of individual wealth, by the absence of competitive economic activity, and, usually, by government determination of investment, prices, and production levelsCompare capitalism
any of various social or political theories or movements in which the common welfare is to be achieved through the establishment of a socialist economic system
(in Leninist theory) a transitional stage after the proletarian revolution in the development of a society from capitalism to communism: characterized by the distribution of income according to work rather than need
1837, from French socialisme (1832) or formed in English (based on socialist) from social (adj.) + -ism. Perhaps first in reference to Robert Owen's communes. "Pierre Leroux (1797-1871), idealistic social reformer and Saint-Simonian publicist, expressly claims to be the originator of the word socialisme" [Klein, also see OED discussion]. The word begins to be used in French in the modern sense c.1835.
An economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise, and in which cooperation rather than competition guides economic activity. There are many varieties of socialism. Some socialists tolerate capitalism, as long as the government maintains the dominant influence over the economy; others insist on an abolition of private enterprise. All communists are socialists, but not all socialists are communists.