Definition of socialism noun from the Oxford Advanced American Dictionary

 

socialism

 noun
noun
NAmE//ˈsoʊʃəˌlɪzəm//
 
[uncountable]
 
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a set of political and economic theories based on the belief that everyone has an equal right to a share of a country's wealth and that the government should own and control the main industries compare capitalism, communism, social democracy
See the Oxford Advanced Learner's Dictionary entry: socialism

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