(noun) “[A]n economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society” (OpenStax College 2012).

Audio Pronunciation: (so·cial·ism)

Download Audio Pronunciation: socialism.mp3

Usage Notes:

  • Mutualism refers to the contractual exchange of products between individuals and cooperative groups.
  • Also called:
    • state run
    • socialist economy

Related Terms: 



OpenStax College. 2012. Economic Systems. Connexions, July 16, 2012. (