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 ?
In the June 2016 general election, the Socialists won just 22.7 percent compared to 33.0 percent for the conservatives.
Since then, signs have mounted that the Socialists are now prepared to abstain in a confidence vote to allow Rajoy to form a new government, even if they still refuse to enter a coalition with his party and may block his policies in future.
And rightly so, because Mohan, known and respected for his simplicity, integrity and intellectual brilliance, is perhaps the last of the socialist giants in the mould of Acharya Narendra Dev, Ram Manohar Lohia, Jai Prakash Narain, Madhu Dandavate and Madhu Limaye.
But whether in opposition or in power, the Socialists have no distinct agenda.
Many criticized the socialists harshly and responded with a barrage of attacks on Stolze's supposedly autocratic domination of local government, the hopelessly utopian nature of socialism, and a proud reassertion of support for conservatism and business.
Partly as a result of the economic reforms the Czech Republic underwent in the 1990s, the Socialists have presided over solid economic growth.
One was an intensification of the struggle against the Catholic Church, another was support for an alliance with the socialists and opposition to an alliance with the leftist liberals and a third was the intensified character of the language and expressions which the radical liberals used.
Benefiting from a robust economy and a mood of confidence among the Portuguese, the Socialist Party won 44 percent of the vote, with more than 95 percent of ballots counted.
As leader of American Zionism right after World War I, Brandeis protested the heavy subsidization of the socialist endeavors in Palestine.
The Socialists were a powerful force in American politics during the early years of the Twentieth Century.
Neither option is attractive because linking up with anti-austerity Podemos ('We Can') could divide the Socialists while they could be accused of destabilising Spain if they are blamed for forcing new elections.
The decision was formally approved by the Socialists' Executive Bureau ahead of Tuesday's first convention of Bulgaria's new, 42th parliament.