socialism
Pronunciation
[change]- (US) IPA (key): /ˈsoʊʃəlɪzəm/
- (UK) IPA (key): /ˈsəʊʃəlɪzəm/
Audio (UK) (file) - Hyphenation: so‧cial‧ism
Noun
[change]- (countable & uncountable) Socialism is any ideology that wants everyone to publicly own all things that are used to make other things, like factories and farms. In this system, the economy is run to benefit all the people and not simply to make profit.
- Karl Marx said socialism was the first step in moving from capitalism to communism.