Definition of Socialism
(noun) An economic system in which goods and services are produced and distributed via State planning and collective ownership of raw materials (commodities) and the means of production, with the intent to share wealth equally among members of a society.
- American English – /sOH-shuh-liz-uhm/
- British English – /sOH-shuh-li-zuhm/
International Phonetic Alphabet
- American English – /ˈsoʊʃəˌlɪz(ə)m/
- British English – /ˈsəʊʃl̩ɪz(ə)m/
- Socialism is often compared and contrasted to other economic systems such as capitalism and communism.
- Mutualism refers to the contractual exchange of products between individuals and cooperative groups.
- Also called:
- state run
- socialist economy
- “Though Marx is often identified with the communist revolutions and social governments that appeared in many nations in the 20th century, Marx actually had little to say about communism or socialism. Marx was a utopian who centered his attention on capitalism and its internal dynamics, assuming that when socialism replaced capitalism many of world’s problems would disappear” (Hughes and Kroehler 2008:12).
- “What does post-modernity ordinarily refer to? Apart from the general sense of living through a period of marked disparity from the past, the term usually means one or more of the following: that we have discovered that nothing can be known with any certainty, since all pre-existing ‘foundations’ of epistemology have been shown to be unreliable; that ‘history’ is devoid of teleology and consequently no version of ‘progress’ can plausibly be defended; and that a new social and political agenda has come into being with the increasing prominence of ecological concerns and perhaps new social movements generally. Scarcely anyone today seems to identify post-modernity with what it was once widely accepted to mean – the replacement of capitalism by socialism” (Giddens 1990:46).
- Word origin of “socialism” – Online Etymology Dictionary: etymonline.com
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ASA – American Sociological Association (5th edition)
Bell, Kenton, ed. 2013. “socialism.” In Open Education Sociology Dictionary. Retrieved September 18, 2021 (https://sociologydictionary.org/socialism/).
APA – American Psychological Association (6th edition)
socialism. (2013). In K. Bell (Ed.), Open education sociology dictionary. Retrieved from https://sociologydictionary.org/socialism/
Chicago/Turabian: Author-Date – Chicago Manual of Style (16th edition)
Bell, Kenton, ed. 2013. “socialism.” In Open Education Sociology Dictionary. Accessed September 18, 2021. https://sociologydictionary.org/socialism/.
MLA – Modern Language Association (7th edition)
“socialism.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2013. Web. 18 Sep. 2021. <https://sociologydictionary.org/socialism/>.