socialism

[ soh-shuh-liz-uhm ]
/ ˈsoʊ ʃəˌlɪz əm /

noun

a theory or system of social organization that advocates the ownership and control of the means of production and distribution, capital, land, etc., by the community as a whole, usually through a centralized government.
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.

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Socialism and Communism are two words that fall under the category of: learned it a while ago, probably should know it, but actually don't because these are confusing are hard. So what do these terms mean?

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Origin of socialism

First recorded in 1830–40; social + -ism

OTHER WORDS FROM socialism

pre·so·cial·ism, nounsem·i·so·cial·ism, nounun·so·cial·ism, noun
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020

Example sentences from the Web for socialism

British Dictionary definitions for socialism

socialism
/ (ˈsəʊʃəˌlɪzəm) /

noun

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
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Cultural definitions for socialism

socialism

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.

The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.