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an economic system in which the state owns and manages major resources, industries, or capital
- Socialism ensures that public assets benefit the population.
- Under socialism, the government directed production and distribution.
- Economists analyzed the advantages and disadvantages of socialism.
- The nationalization of railways was a hallmark of socialism.
- Socialism aims to reduce inequality through state-managed resources.
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2
a political theory promoting state ownership or control of industry to achieve social and economic equality
- Socialism advocates state intervention to reduce class disparities.
- Political movements based on socialism push for public control of essential industries.
- He studied socialism to understand government-managed economies.
- Socialism seeks to align industrial production with public welfare.
- The party's platform was rooted in socialism and social justice.