Meaning & use
socialism
An economic and political system in which the community or government owns and controls major means of production.
See it in a sentence
Under socialism, the government owned most factories and distributed resources according to central plans.
Debates about socialism often center on the balance between equality and individual economic freedom.
A note on using this word
Used broadly across very different systems, from democratic welfare states to centrally planned economies, so its meaning shifts with context.
Words with a similar meaning
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Words with an opposite meaning
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