English / word
socialism
noun B2MEANING IN ENGLISH
An economic and political system where major resources and means of production are owned collectively by the community or state.
In context
01
Under socialism, essential public services like healthcare and education are guaranteed by the state.
02
In socialism, resources are distributed equally among citizens.
Synonyms
collectivism,state socialism,public ownership
Antonyms
capitalism,free market economy,privatization
Collocations
democratic socialism,principles of socialism,rise of socialism