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 classic literature ?
Out of the bitter social conflict below rose patriotic associations, brotherhoods of order, city mayors, princes, provisional committees, trying to establish an order below and to keep the sky above.
Bankruptcy, social collapse, famine, and pestilence had done nothing to damage these, and it was only to the great capitals and ganglionic centres, as it were, of this State, that positive destruction had come.
From Gloucestershire Bert went northward to the British aeronautic park outside Birmingham, in the hope that he might be taken on and given food, for there the Government, or at any rate the War Office, still existed as an energetic fact, concentrated amidst collapse and social disaster upon the effort to keep the British flag still flying in the air, and trying to brisk up mayor and mayor and magistrate and magistrate in a new effort of organisation.
It is nothing less than the high-speed tool of civilization, gearing up the whole mechanism to more effective social service.
In the same way, it is clearly the social duty of the telephone company to widen out its system until every point is covered, and then to distribute its gross charges as fairly as it can.
Into their place stepped free competition, accompanied by a social and political constitution adapted to it, and by the economical and political sway of the bourgeois class.
Differences of age and sex have no longer any distinctive social validity for the working class.
The "dangerous class," the social scum, that passively rotting mass thrown off by the lowest layers of old society, may, here and there, be swept into the movement by a proletarian revolution; its conditions of life, however, prepare it far more for the part of a bribed tool of reactionary intrigue.
The Seven Deadly Sins and their fatal fruits are emphasized, and in the later forms of the poem the corruptions of wealth and the Church are indignantly denounced, with earnest pleading for the religion of practical social love to all mankind.
Its medieval form and setting remove it hopelessly beyond the horizon of general readers of the present time, yet it furnishes the most detailed remaining picture of the actual social and economic conditions of its age, and as a great landmark in the progress of moral and social thought it can never lose its significance.
Social goals have been linked to academic motivation and performance in college students.
ITEM: "Democrats and their allies launched an ad campaign Thursday to warn voters about any new Republican effort to privatize Social Security," reported the Associated Press on August 3.