socialism


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Related to socialism: fascism, communism

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 ?
WASHINGTON -- Coral Ridge Ministries has produced an important documentary airing nationwide on Sunday, May 23, on the dangers of socialism in America and around the world.
WE should "vote into power a socialist governent " - because a Bulgarian woman stated recently "Under socialism no one went hungry, there was no homelessness and everyone had a job and a good free education and health care.
WHILST I agree wholeheartedly with Dave Pithie's criticism (Letters, June 3) of the layabouts and illegal immigrants who exploit our welfare system for every penny that they can get out of it, whilst he (and I) have spent our working lives honestly paying our dues in order to qualify for our state pensions, I find it rather amusing that he cannot resist trying to absolve his beloved socialism from blame for the fiasco that he rightly complains about, because, he says, socialism requires that you have to contribute in order to receive benefits.
He looks beyond the most recent approaches to socialist thought and attempts to get to the heart of socialism as it was intended by its original founders.
The words "Democratic Socialism" are featured over Obama's picture, over Hitler's photo is "National Socialism" and over Lenin's head is "Marxist Socialism.
Political parties in India may follow different ideologies but a provision in the election law makes it mandatory for them to pledge adherence to the policy of socialism at the time of registration.
All three types of socialism shared the major premise that their respective visions of a "just" society should replace the spontaneous order of capitalism.
I did not write that Socialism "is the ideology of the envious and lazy.
For decades, academic philosophers have wondered whether people were "good enough" for socialism.
IN all the far left publications that I have read, Socialist Worker, Workers Weekly, Morning Star and Marxism Today, to name a few, the terms Socialism and Communism are interchangeable.
Mulayam called upon the SP men to definitely buy the book if they wanted to understand socialism and be in politics.