Noun: socialism 'sow-shu,li-zum
- A political theory advocating state ownership of industry
"The country's experiment with socialism led to the nationalization of key sectors"
- An economic system based on state ownership of capital
"The country transitioned from socialism to a market economy";
- socialist economy
Derived forms: socialisms
Type of: ideology, managed economy, mythos, political orientation, political theory
Antonym: capitalism
Encyclopedia: Socialism, Sexism & Sexuality