Socialism

so⋅cial⋅ism

  /ˈsoʊʃəˌlɪzəm/ Show Spelled Pronunciation [soh-shuh-liz-uhm] Show IPA

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–noun

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.