From Merriam-Webster’s Collegiate Dictionary
Socialism
Main Entry: so●cial●ism
Pronunciation:*s*-sh*-*li-z*m
Function: noun
Date:1837
1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2 a : a system of society or group living in which there is no private property b : a system or condition of society in which the means of production are owned and controlled by the state
3 : a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done
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