Definition of socialism. 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.

Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.

Sep 08, 2010 · Key Takeaways Socialism is an economic and political system based on public ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system. The government also... Proponents of socialism believe that it leads to a more equal ...

Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.