Main Entry: so · cial · ism Pronunciation: \ ˈsō - shə - ˌli - zəm \ Function: noun Date: 1837 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.