state socialism

(noun) “[A]n economic system in which the government owns most means of production but some degree of private capitalism is allowed” (Princeton University 2010).

Audio Pronunciation: (state so·cia·lism)

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Usage Notes:

  • State socialism was originally envisioned by Karl Marx (1818–1883) to replace capitalism and the state would consist of a democratic state or a collective (e.g. workers).

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Princeton University. 2010. “About WordNet.” WordNet. (