Definition

A political and economic system where the government or the community owns and controls the production and distribution of goods, rather than individuals owning them privately.

Example

Many countries have adopted elements of socialism to provide healthcare and education for all citizens.

Conversation

Have you ever read about socialism and how it works?

Yeah, I find it really interesting how different it is from capitalism.

Right? Some people think it could lead to better equality in society.

That's true, but others worry about the government's role in the economy.

Synonyms & Antonyms

Root Explanation

Socialism is formed from "socius" (meaning companion or ally) and the suffix "-ism" (indicating a practice or philosophy). The term refers to a political and economic system where the means of production are owned and regulated by the community or the state, emphasizing collective ownership and cooperation among individuals.

Memory Tip

Think of 'socius' meaning companion, which helps you remember that socialism focuses on community and collective ownership.

Visually Confused Words