So.cial.ism n

1. a political theory or system in which the means of production and distribution are controlled by the people and operated according to equity and fairness rather than market principles

2. any of several political movements or theories of the 19th and 20th centuries based on principles of socialism, typically advocating an end to private property and the exploitation of the workers

3. In Marxist theory the stage after the proletarian revolution when a society is changing from capitalism to communism, marked by pay distributed according to work done rather than need

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