Merriam-Webster definition #1.
socialism
noun
so·cial·ism ˈsō-shə-ˌli-zəm How to pronounce socialism (audio)
Synonyms of socialismnext
socialism
noun
so·cial·ism ˈsō-shə-ˌli-zəm How to pronounce socialism (audio)
Synonyms of socialismnext
1
: any of various egalitarian economic and political theories or movements advocating collective or governmental ownership and administration of the means of production and distribution of goods
If modern socialism was born in 19th-century Europe, it was subsequently shaped by, and adapted to, a whole range of societies.
—Michael Newman
Socialism is about a change in the means of production—so that the people who do the work are the ones who make the decisions about what gets produced and how.
—Sarah Jaffe
see also DEMOCRATIC SOCIALISM, GUILD SOCIALISM, UTOPIAN SOCIALISM
Simple Definition
A Simple Definition is available from our Learner's Dictionary to help you understand the meaning faster.
Key words: various, theories (plural), collective, or,
democratic socialism
noun
: a political movement calling for the establishment of a decentralized socialist economic system within a democratically run political system
Again, when you get taxed (as you often do) and that tax money goes to the common good, your tax dollars are being “socialized.” Virtually everyone not weirdly attached to their 7th grade socials studies books acknowledges this.