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 ?
It is rather to make the telephone as universal as the water faucet, to bring within speaking distance every economic unit, to connect to the social organism every person who may at any time be needed.
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.
If truth and justice, and the better principles of our nature, cannot exist unless enforced by the statute-book, how are we to account for the social condition of the Typees?
Social in its nature, it respects everything which tends to unite men.
The social evening was held in the restaurant in the basement.
An idle question that, as idle as to ask could mankind have prevented the decay that turned Assyria and Babylon to empty deserts or the slow decline and fall, the gradual social disorganisation, phase by phase, that closed the chapter of the Empire of the West
In the first moment of Pierre's outburst Anna Pavlovna, despite her social experience, was horror-struck.
With dim lights and tangled circumstance they tried to shape their thought and deed in noble agreement; but after all, to common eyes their struggles seemed mere inconsistency and formlessness; for these later-born Theresas were helped by no coherent social faith and order which could perform the function of knowledge for the ardently willing soul.
In Dickens the virtue of his social defect is that he never appeals to the principle which sniffs, in his reader.
Anne and Priscilla found themselves in the thick of the social life of Redmond.
As to enlisting in the ranks, and working my way up, the social institutions of my country obliged the grandson of Lady Malkinshaw to begin military life as an officer and gentleman, or not to begin it at all.
How to face the social intercourse game with the glamour gone?