Real Dictionary

socialism
uncountable noun: Socialism is a set of left-wing political principles whose general aim is to create a system in which everyone has an equal opportunity to benefit from a country's wealth. Under socialism, the country's main industries are usually owned by the state.

socialism in American English
any of various theories or systems of the ownership and operation of the means of production and distribution by society or the community rather than by private individuals, with all members of society or the community sharing in the work and the products
noun: a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole

socialism in British English
noun: an economic theory or system in which the means of production, distribution, and exchange are owned by the community collectively, usually through the state. It is characterized by production for use rather than profit, by equality of individual wealth, b