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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Republicans not providing ways for the poor, working poor, and middle class to do better while catering to the rich and powerful, opens the door to socialistic Democrats.
No one is saying that the socialistic system must be back, but controlling prices should be one of the priorities of the government.
Will they unseat elected officials at the ballot box and push for more socialistic policies?
He follows a strong socialistic line and emulates Zimbabwe's President Robert Mugabe, who he describes as "my hero".
As an established symbol of the socialistic labour movement the flag's drapery encloses the body of the female standard bearer and touches the national coat of arms of the GDR: hammer and sickle.
Makraduli continues to castigate and stressed that the "investment policy made 200,000 young people leave Macedonia," whereas Vladanka Avirovik from the Socialistic Party responded that the "main culprit for the departure of young people is SDSM, which, during the time of privatization, ousted their parents from work." M.I.
"For instance, Armenia, who knows why, wants to forget its socialistic past within the USSR, forgetting all its numerous
We're being reduced to nothing more than a fully socialistic, collectivist society of lemmings.
He argues that while government help for farmers may be socialistic, government is the only entity powerful enough to control private capitalism.
19 -- An agreement between the Government of Democratic Socialistic Republic of Sri Lanka and the Government of Federal Republic of Germany was signed in Berlin for the gainful occupation of dependants of members of Diplomatic Missions and Consular Posts of Sri Lanka and Germany.
With America's stressful money woes, and a dire need for funds to grow domestic, malignant, socialistic programs, military funding/forces will definitely be reduced.
Indeed, his mentors in khaki shorts are already horrified by his socialistic bent of mind and are rather indiscreetly backing the Mango Man and his hordes who exposed him.

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