socialism

The word “socialism” means a political and economic system in which the means of production, distribution, and wealth are owned or controlled collectively, often by the state, rather than by private individuals. In plain terms, the idea that a society's wealth and industries should be owned or controlled collectively rather than by private individuals.

“Socialism” is pronounced SOH-shuh-lih-zuhm (/ˈsoʊʃəlɪzəm/ in IPA).

Here is “socialism” used in a sentence: “The party campaigned on a platform of democratic socialism.”

The opposite of “socialism” — its antonyms — are capitalism and free enterprise.

“Socialism” is a noun.

The word “socialism” dates back to around 1830 and comes from French. First recorded in the 1830s, from French socialisme or built directly from social + -ism.

“Socialism” is a fairly common word in modern English.

Both involve collective rather than private ownership, but they differ in degree. Socialism allows for varying levels of state or collective control, often within a democratic system, whereas communism envisions a classless society with common ownership of all property and no private ownership of the means of production.

Under socialism the means of production and distribution are owned or controlled collectively, often by the state. Under capitalism they are owned privately by individuals and companies, with markets and profit guiding the economy.

Socialism, in its fuller sense, seeks collective ownership of the means of production. Social democracy generally keeps a market economy with private ownership but adds strong public services, welfare, and regulation, so it is often seen as a reform-minded relative rather than the same thing.

They are related but not identical. Marxism is a specific body of theory developed from the analysis of class and capitalism, while socialism is a broader term for systems of collective ownership that may or may not draw on Marxist ideas.