socialism - definition
socialism (noun) 1. Any of various economic and political philosophies that support social equality, collective decision-making, distribution of income based on contribution and public ownership of productive capital and natural resources, as advocated by socialists. 2. The socialist political philosophies as a group, including Marxism, libertarian socialism, democratic socialism, and social democracy. 3. (Leninism) The intermediate phase of social development between capitalism and full communism. This is a strategy whereby the state has control of all key resource-producing industries and manages most aspects of the economy, in contrast to laissez faire capitalism. en.wiktionary.orgFrom:VidDictionaryViews:0 0ratingsTime:01:04More inPeople Blogs
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socialism - definition - Video
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