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SOCIALISM
Main Entry: so·cial·ism Pronunciation: 'sO-sh&-"li-z&m Function: noun 1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods 2 a: a system of society or group living in which there is no private property b: a system or condition of society in which the means of production are owned and controlled by the state 3: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done
Merriam-Webster
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