socialism

socialism definition - business

socialism

A political and economic system based on collective ownership of the means of production and distribution. Socialists claim that their system of government and worker ownership bases production on human needs rather than on the profit motive.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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