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| so·cial·ism [ sṓshə lìzəm ] or So·cial·ism [ sṓshə lìzəm ] |
noun |
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| Definition: |
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1. political system of communal ownership: a political theory or system in which the means of production and distribution are controlled by the people and operated according to equity and fairness rather than market principles
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2. movement based on socialism: a political movement based on principles of socialism, typically advocating an end to private property and to the exploitation of workers
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3. stage between capitalism and communism: in Marxist theory, the stage after the proletarian revolution when a society is changing from capitalism to communism, marked by pay distributed according to work done rather than need
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