Pronunciation: /ˈsoʊʃəˌlɪzəm/
noun a political and economic theory advocating for collective or governmental ownership and administration of the means of production and distribution of goods
A1 Socialism is an economic system where the government controls the means of production.
A2 Some countries have mixed economies that combine elements of capitalism and socialism.
B1 Socialism aims to reduce income inequality by redistributing wealth among citizens.
B2 Critics argue that socialism can lead to inefficiency and lack of innovation in the economy.
C1 The history of socialism is complex, with different interpretations and implementations in various countries.
C2 Scholars debate the merits and drawbacks of socialism as a political and economic ideology.
formal Socialism is an economic and political system where the means of production are owned and controlled by the state.
informal Some people believe that socialism can help create a more equal society.
slang I heard that guy is a hardcore socialist, always talking about workers' rights.
figurative In a way, sharing your toys with your friends is a form of socialism.
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