An economic system in which goods and services are provided through a central system of cooperative and/or government ownership rather than through competition and a free market system.
Use 'socialism' in a Sentence
Many conservative people accused US President Barack Obama of supporting socialism when he signed the Affordable Healthcare Act into law, because of how it forces everyone to buy health insurance.
When they formed the commune, the guiding principle of government was socialism tempered with enough capitalism to make a substantial profit and pay the bills.
Advocates of socialism generally fall into two camps, those who advocate government ownership or nationalization, and those who advocate a decentralized, communal society.
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Notable Quotable
What is the Real Vice in Socialism
"It is a socialist idea that making profits is a vice; I consider the real vice is making losses."