socialism

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Socialism

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.

socialism

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.
References in periodicals archive ?
A "Socialist Beer" is being featured at the traditional Mount Buzludzha fest held by Bulgarian Socialist Party (BSP) members, activists, followers and sympathizers this Sunday.
The result means that the Socialists will remain in charge of this region in the south, which they have controlled since 1982 and helped develop in part thanks to European funds received after Spain joined the European Union in 1986.
In this regard, he highlighted that French Socialist Party leader Martine Aubry had said, in a meeting with King Mohammed VI, that France's position on the Sahara issue has not changed and that the French Socialist Party believes that the autonomy plan presented by Morocco in April 2007 to the UN Security Council is a reasonable and logical solution to this issue.
There is also news that the Socialist Union of Popular Forces and the Socialist Progress Party, which both won 39 and 18 seats respectively, may join the opposition.
Socialist International organization, a senior official at the European
Mohan was a saint in politics, who gave a direction to the present generation of Indian socialists by his personal example and thinking.
Some have not learned the lesson, and avowed socialists in the Third World, such as Robert Mugabe, in Zimbabwe, have ruined his country's economy and starved his people in pursuing his mad doctrines.
Appealing for genuine socialists to get together to promote the politics of integrity and ideology, Fernandes says practicing politicians must take the lead and adds that senior leaders of the socialist movement can inspire through their past legacies and moral character.
Party leader Marios Garoyian deflected criticism that DIKO had 'discovered' socialism on the eve of the euro elections with a view to joining the Party of European Socialists (PES) in the European Parliament.
European socialists have failed to address the crisis cogently because of their internal divisions.
Moreover, without the Soviet Union, European socialists have few foreign causes to take to heart: few understand Putin's Russia, and today's totalitarian-capitalist China is too far and too strange.
JOHN Warmingham is right that "true socialists should follow Tony Benn's example and remain true to their principles" by not joining the House of Lords (Voice of the North, November 22).