Word

socialism

noun B2

UK /ˈsəʊʃəlɪzəm/

US /ˈsoʊʃəlɪzəm/

Meanings

noun

A political and economic system or ideology that supports collective or public ownership/control of major industries and resources, often aiming for greater equality.

socialism: A political and economic system or ideology that supports collective or public ownership/control of major industr…

noun

Policies that increase government involvement in the economy and expand public welfare programs to reduce inequality.

socialism: Policies that increase government involvement in the economy and expand public welfare programs to reduce inequal…

Definition

Socialism is a political and economic system that supports public or collective ownership and aims to reduce inequality.

Socialism is a set of political and economic ideas that argue society should own or control key resources and industries, often through the government or cooperatives. Its goal is usually to reduce inequality and make essential services more widely available. Different countries and parties use the word in different ways, from mild reforms to major changes in ownership and markets.

Examples

They debated whether socialism would improve access to healthcare.
Her grandfather grew up in a country that practiced socialism.
Some voters support socialism because they want stronger public services.
The professor explained the differences between capitalism and socialism.
In the documentary, socialism was presented as a response to extreme inequality.

Common mistake

Learners often use socialism as if it always means complete government control, but it can also refer to mixed-economy policies with markets.