1. a political and economic system in which the government owns and controls the means of production and distribution of goods
2. a political theory advocating collective ownership and democratic control of the means of production

Examples

• The country adopted socialism after the revolution.
• Many European nations blend capitalism with elements of socialism.
• Democratic socialism emphasizes both social ownership and democratic processes.
• The debate between capitalism and socialism continues in political circles.
• Under socialism, key industries are publicly owned.
• She studied the history of socialism in her political science class.
• The party’s platform included several socialist policies.