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 BVA poll published on Friday showed the Socialists taking 33 percent of the vote versus 32 percent for the UMP, with the Greens and Left Front taking respectively 4 and 9 percent for a grand total of 47 percent on the left.
For a good part of his life, the socialist thinker, who also brought out Janata magazine, managed his family on the money he earned as a freelancer.
Without excluding a future candidacy for the Elysee Palace, the ex companion of Royal and today's Secretary General of the Socialist PArty, Francois Hollande, has already declared that he won't pursue the presidency of the party.
107) In addition to their activities on behalf of the Heimat, the Vereine saw themselves as defenders of the Vaterland against its external enemies--at that time, the socialists and the communists.
The move means the SWP's Socialist Worker newspaper will vanish from Scotland's streets but the publication is to be re-launched as The Socialist Voice.
cannot be separated from the socialist and Zionist ideology of the Jewish immigrants.
It has filed in Vermont on the Liberty Union Party line, and will file in a number of other states under the Socialist banner.
When asked why the socialists and the liberals voted against the debate on Bulgaria, the Austrian politician replied they were not against, but wanted to hold it in September to give more time to MEPs to observe the situation in the country.
Some of the socialists argued that the differences between socialism and capitalism, or the market system, were really about what set of people [made the transactions].
The Socialists will be able to propose a cabinet to parliament only given failure of a prior proposal by former ruling GERB party, which came out again first at the May 12.
Comparing data from the 1920 provincial elections with the frequency of Fascist violence between November 1920 and May 1921, she argues that there was a clear pattern by which the greatest number of attacks occurred in those provinces where the Socialists had their greatest successes, specifically the areas of the North which had undergone capitalist transformation of labor relations.
In his first months in office, Mitterrand and the new National Assembly, in which the Socialists and other parties of the left had a majority, nationalized banks and major industries, raised the French minimum wage, and increased government spending.