Socialism

usgb/ˈsəʊʃəlɪzəm/
noun

A political and economic theory where community or the state owns and controls the means of production, like factories.

Sweden's economic system incorporates many elements of socialism.
Visual representation of "socialism" - A political and economic theory where community or the state owns and controls the means of production, like factories.

Often appears as...

  • democratic socialism
  • elements of socialism
Definition 1 of 3
Visual representation of "socialism"
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State Control

Socialism emphasizes the role of the government in managing production and distribution.

Illustration for State Control
Under socialism, the government might run the railroads and hospitals.
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Not Communism

While similar, socialism and communism are not the same; socialism allows for some private ownership.

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Socialism allowed small businesses, unlike communism.
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Mixed Economies

Many countries use elements of socialism within a capitalist framework, creating a mixed economy.

Illustration for Mixed Economies
Canada's healthcare system is an example of socialism in a capitalist society.
Visual representation of the word "Socialism"

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