socialism
n. uncountablen. an economic and political system where the government or the public owns the main industries and resources. The goal is to share wealth more equally among everyone in society.
n. a political and economic theory advocating that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Frequently contrasted with capitalism.
Many countries have adopted ideas from socialism, such as free public healthcare.
The political party argued that democratic socialism would reduce poverty by ensuring everyone had access to basic services and fair wages.
While pure socialism demands the complete public ownership of industry, most modern democratic nations operate mixed economies that blend capitalist markets with socialist welfare programmes.
Attested since 1832; either from French socialisme or from social + -ism.
Uncountable when referring to the political theory or system; often modified by adjectives like 'democratic' or 'utopian'.