socialism

Meaning

Noun

• Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.
• The intermediate phase of social development between capitalism and communism in Marxist theory in which the state has control of the means of production.
• Any left-wing ideology, government regulations, or policies promoting a welfare state, nationalisation, etc.

Related

Opposite words

• capitalism
• free enterprise

Origin

• Attested since 1832; either from French socialisme or from social + -ism.