socialism
//ˈsoʊ.ʃəˌlɪ.zəm//
Noun
1
A political and economic theory advocating for collective or governmental ownership and administration of the means of production and distribution of goods.
Socialism emphasizes public ownership of key industries.
2
A system of society or group living in which there is no private property and the means of production are owned and controlled by the state or community.
Under socialism, the factories and farms are owned by the community rather than individuals.
3
A stage of society in Marxist theory transitional between capitalism and communism, distinguished by unequal distribution of goods and pay according to work done.
In Marxist theory, socialism represents a transitional phase where workers are compensated according to their labor.