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socialism

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Socialism is an economic or political theory, system or movement where the production and distribution of goods is done, owned and shared by the society, not by the private individuals. (noun)

An example of socialism is the Chinese economic system.

See socialism in Webster's New World College Dictionary

noun

any of various theories or systems of the ownership and operation of the means of production and distribution by society or the community rather than by private individuals, with all members of society or the community sharing in the work and the products
1. a political movement for establishing such a system
2. the doctrines, methods, etc. of the Socialist parties
the stage of society, in Marxist doctrine, coming between the capitalist stage and the communist stage, in which private ownership of the means of production and distribution has been eliminated

See socialism in American Heritage Dictionary 4

(sōˈshə-lĭzˌəm)

noun

Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.
The stage in Marxist-Leninist theory intermediate between capitalism and communism, in which collective ownership of the economy under the dictatorship of the proletariat has not yet been successfully achieved.

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