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socialism noun  (so·​cial·​ism | ˈsō-shə-ˌli-zəm)
Definition of socialism

1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2a : 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