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noun  so·cial·ism \ˈsō-shə-ˌli-zəm\

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