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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The benefits of undertaking the SoSI process are not always susceptible to quantitative analysis and typically can only be measured over time.
To accomplish this, SoSI is ensuring integration and interoperability between Army Programs of Record, current force systems and urgent need systems in order to achieve integrated unit capabilities.
* Sponsorship from the Sense of Smell Institute (SOSI) aided Dr.
* The ninth annual Sense of Smell Institute (SOSI) Sense of Smell Day will be held April 27 at museums and science centers across the nation.
"The NIE is a tough environment - we see integration problems that we haven't seen before," said MG Genaro Dellarocco, commander of the Army Test and Evaluation Command, which along with SoSI and the Brigade Modernization Command forms a "Triad" of organizations that execute the NIEs.
* The Sense of Smell institute (SOSI) celebrated its 20th anniversary Nov.
The Foundation, in cooperation with the Sense of Smell Institute (SOSI), invited suppliers to introduce this concept to their customers during the organization's presentation, "It's time for the smells of comfort," held Sept.
The Fragrance Foundation, in cooperation with the Sense of Smell Institute (SOSI), is helping to reassemble a sense of peace with a series of crisis task force meetings.
The Sense of Smell Institute (SOSI), New York, NY, has completed the first phase of its 2001 internet initiative, according to Dr.