Meaning & Definition of word "Socialism"

Socialism

/ˈsoʊʃəˌlɪzəm/

1. A political and economic theory advocating collective or governmental ownership and administration of the means of production and distribution of goods.
- Example: Many countries have implemented socialism to address issues of wealth inequality.
2. A system in which the government owns and controls all major businesses and resources, aiming to achieve a more equitable distribution of wealth.
- Example: The rise of socialism in the 20th century significantly altered global politics.
3. A political movement that seeks to establish a socialist system.
- Example: The socialist party campaigned vigorously for reforms that would advance socialism in the country.
4. A doctrine that promotes social ownership as opposed to private ownership.
- Example: Critics argue that socialism stifles individual initiative and innovation.

Derived from the Latin 'socialis' which means 'of companionship, of society'.

democratic socialism:

A political ideology that advocates for political democracy alongside social ownership of the means of production.

socialist principles:

The foundational beliefs and practices that underpin socialist ideology.

state socialism:

A form of socialism where the state has substantial control over the economy and social policy.

socialist:

A person who supports or advocates for socialism.

social welfare:

Programs that provide assistance to individuals in need.

public ownership:

Ownership of resources by the state or community.

Meaning: Socialism Lite

Example Sentence: Some people view certain welfare programs as socialism lite, a milder version of socialism.

Meaning: Socialist agenda

Example Sentence: Critics might label any government initiative they dislike as part of a socialist agenda.