Definition of Socialism:
An economic system in which goods and services are provided through a central system of cooperative and/or government ownership rather than through competition and a free market system.
In a purely socialist system, all legal production and distribution decisions are made by the government, and individuals rely on the state for everything from food to healthcare. The government determines the output and pricing levels of these goods and services.
Socialism is a populist economic and political system based on public ownership (also known as collective or common ownership) of the means of production. Those means include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs. Communism and socialism are umbrella terms referring to two left-wing schools of economic thought; both oppose capitalism, but socialism predates the "Communist Manifesto," an 1848 pamphlet by Karl Marx and Friedrich Engels, by a few decades.
Synonyms of Socialism
Fabian socialism, Fabianism, Marxian socialism, Marxism, Nazism, Saint-Simonism, Centralism, Collective farm, Collective ownership, Collectivism, Collectivity, Collegiality, Common ownership, Communal effort, Communion, Communism, Community, Constitutionalism, Cooperation, Cooperative society, Democracy, Democratism, Fascism, Federalism, Feudalism, Feudality, Governmentalism, Guild socialism, Imperialism, Kibbutz, Kolkhoz, Monarchism, National socialism, Nationalization, Neofascism, Parliamentarianism, Parliamentarism, Phalansterism, Pluralism, Political principles, Profit sharing, Public ownership, Republicanism, Royalism, Sharecropping, State ownership, State socialism, Statism, Town meeting, Utopian socialism
How to use Socialism in a sentence?
- Advocates of socialism generally fall into two camps, those who advocate government ownership or nationalization, and those who advocate a decentralized, communal society.
- When they formed the commune, the guiding principle of government was socialism tempered with enough capitalism to make a substantial profit and pay the bills.
- Many conservative people accused US President Barack Obama of supporting socialism when he signed the Affordable Healthcare Act into law, because of how it forces everyone to buy health insurance.
Meaning of Socialism & Socialism Definition