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Any political or economic system that centralizes the means of production at the expense of individual ownership. Collectivism is associated with socialism, which advocates state ownership of resources. However, collectivism may exist in capitalist systems if corporations own most or all of the means of production.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
collectivismthe philosophy that society is composed of groups or classes of people, each with its own interests, and that social CONFLICT stems largely from conflicts of interest between them. To achieve general wellbeing, policy makers should seek to balance group interests. Political action to advance the claims of disadvantaged groups and to regulate the actions of individuals is generally viewed as desirable by those subscribing to this philosophy TRADE UNIONS are often viewed as vehicles of collectivism in that they represent and advance group interests. Critics of this philosophy argue that it subsumes the unique interests of each individual. See INDIVIDUALISM.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
collectivismsee CENTRALLY PLANNED ECONOMY.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005