sōSHəˌlizəm
- A political and economic theory of social organization advocates that the means of production, distribution, and exchange should be owned and regulated by the community
- Government policy that is based on the political and economic theories of socialism
- Based on the theories of Karl Marx, Socialism is the state between the overthrow of Capitalism and the realization of Communism
To examine the difference between Socialism and Social Democracy please read further.