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.