Pronunciation: (sō'shu-liz"um), Strict Standards: Non-static method FenSites::linkTo() should not be called statically in /site/html/dictionary/socialism.html on line 75 [key]
1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
2. procedure or practice in accordance with this theory.
3. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles. Cf. utopian socialism.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.