socialism

Definition

An economic system in which goods and services are provided through a central system of cooperative and/or government ownership rather than through competition and a free market system.

Use socialism in a sentence

  • Many conservative people accused US President Barack Obama of supporting socialism when he signed the Affordable Healthcare Act into law, because of how it forces everyone to buy health insurance.

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  • When they formed the commune, the guiding principle of government was socialism tempered with enough capitalism to make a substantial profit and pay the bills.

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  • Advocates of socialism generally fall into two camps, those who advocate government ownership or nationalization, and those who advocate a decentralized, communal society.

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