socialism

n. political theory advocating the collective ownership and administration of the production and distribution of goods; political system based on the theory of socialism

Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community for the purposes of increasing social and economic equality and cooperation. This control may be either direct—exercised through popular collectives such as workers' councils—or indirect—exercised on behalf of the people by the state. As an economic system, socialism is often characterized by socialized (state or community) ownership of the means of production.
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Noun
1. a political theory advocating state ownership of industry
(hypernym) political orientation, ideology, political theory
(hyponym) Fabianism
2. an economic system based on state ownership of capital
(synonym) socialist economy
(antonym) capitalism, capitalist economy
(hypernym) managed economy
(hyponym) communism

(n.)
A theory or system of social reform which contemplates a complete reconstruction of society, with a more just and equitable distribution of property and labor. In popular usage, the term is often employed to indicate any lawless, revolutionary social scheme. See Communism, Fourierism, Saint-Simonianism, forms of socialism.
  

economic system which is based on cooperation rather than competition and which utilizes centralized planning and distribution (see capitalism, command economy.)