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From Longman Dictionary of Contemporary English
Related topics: Policies
socialismso‧cial‧is‧m /ˈsəʊʃəl-ɪzəm $ ˈsoʊ-/ ●○○ noun [uncountable]  PPPan economic and political system in which large industries are owned by the government, and taxes are used to take some wealth away from richer citizens and give it to poorer citizenscapitalism, communism
Examples from the Corpus
socialismThe conflict between nationalism and socialism aligned different classes.Not until rising nationalism and socialism ousted capitalism from the Third World would capitalism be destroyed.How far was combating socialism the prime motive for the Liberal social reforms 1906-14? 2.In reality, the peasantry had no interest in socialism.Third World countries struggled for national independence and did so often under the banner of nationalist socialism.With a background of socialism, these PTAs were not averse to spending public money on promoting public transport.Against this powerful combination of socialism and nationalism, liberal economics stood little chance.
From Longman Business Dictionarysocialismso‧cial‧is‧m /ˈsəʊʃəl-ɪzəmˈsoʊ-/ noun [uncountable]ECONOMICS a system of political beliefs and principles whose main aims are that everyone should have an equal opportunity to share wealth and that industries should be owned by the governmentIs there a way to combine the efficiency of the market with the values of socialism?
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