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An economic system in which the state or the people generally own most or all of the means of production. That is, under socialism, industries, agriculture and corporations are nationalized. The government may also manage the nationalized companies, or they may delegate this to a private company. Most socialist systems, however, allow some degree of private enterprise. Because it favors a strong role for the state, socialism should not be confused with Marxism, which holds that the state will eventually disappear.
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a political doctrine that emphasizes the collective ownership of the means of production, ascribing a large role to the state in the running of the economy, with widespread public ownership (NATIONALIZATION) of key industries, although it allows limited scope to market forces. MARX regarded socialism as a transitional stage between the end of a PRIVATE-ENTERPRISE system and the beginnings of COMMUNISM. In practice, the revolutionary, communist form of socialism, which involves abolition of all private property, is limited to only a few countries, such as Cuba. Elsewhere, the main form of economic system is that of the MIXED ECONOMY, which combines elements of democratic socialism and the private-enterprise tradition. See CENTRALLY PLANNED ECONOMY.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Although socialism is no longer the guiding force in China's foreign policy, the relationships formed through shared socialist ideology may still condition contemporary decisionmaking by Chinese diplomats and policymakers.
* Positive and significant relationships were revealed between Socialist Ideology and both Chinese Traditional Values and Deng's Philosophy.
In Chapter 1, "Social Disruption: Testut and French Socialism," Abel examines Testut's socialist ideology as outlined in his 1871 paper L'Equite.
If he can drag himself away from his socialist ideology and look at the facts, he might come to a different conclusion.
Then it was a generation of westernized army officers and an elite armed with socialist ideology that was to bring the Arab world out of the wilderness.
It is not correct to limit the socialist ideology to Marxism.
TRUST the AKEL leadership to use the precarious situation of the economy as a pretext to promote its anachronistic socialist ideology. On Tuesday AKEL leader Andros Kyprianou presented the party's proposals for the economy which read much more like a communist election manifesto that could be implemented over the next five to 10 years, rather than as a package for shoring up the economy now.
The party members said that a socialist ideology would achieve the balance between freedom, democracy, social justice and human dignity - the main pillars of the January 25 Revolution.
Or are you motivated by socialist ideology rather than educational excellence?" Cllr Kay also suggested that St Peter's School could be moved into the almost new Gillbrook building and Eston Park could be extended to accommodate more non-Catholic children.
The 'particular niche' of this book is 'blending traditional Burmese political thought and socialist ideology' (p.
As an example of Marinaleda's socialist ideology and belief that power has to be put into the hands of local people, the local Council has created General Assemblies where around 400 to 600 local people meet 25 to 30 times a year to voice their concerns and vote on issues.
They were influenced by the Socialist ideology and were allies when Lalu took the rein of the state government in 1990.

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