Word
socialism
Meanings
A political and economic system where major industries and resources are owned or controlled by the state or the community, aiming for greater equality.
Political ideas and movements that support strong public services, redistribution, and limits on private control of key parts of the economy.
Definition
Socialism is a political and economic system in which the government or the community controls major industries and resources to reduce inequality.
Socialism is a set of political and economic ideas that support shared or public control of important parts of the economy, such as healthcare, energy, or transportation. The goal is often to reduce large differences in wealth and provide basic services for everyone. In practice, socialist policies can range from strong social welfare programs to full state ownership of major industries.
Examples
- They debated whether socialism can work in a modern economy.
- She studied socialism and capitalism in her political science class.
- Some voters support socialism because they want stronger public services.
- He criticized socialism as giving the state too much power.