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doc Definition of socialism
    English to English
    noun
  • a political theory advocating state ownership of industry
  • source: WordNet 3.0
  • an economic system based on state ownership of capital
  • source: WordNet 3.0
  • A theory or system of social reform which contemplates a complete reconstruction of society, with a more just and equitable distribution of property and labor. In popular usage, the term is often employed to indicate any lawless, revolutionary social scheme. See Communism, Fourierism, Saint- Simonianism, forms of socialism.
  • source: Webster 1913
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