so⋅cial⋅ism [soh-shuh-liz-uhm] –noun
1. a theory or system of social organization that advocates
the vesting of the ownership and control of the means of production and
distribution, of capital, land, etc., in the community as a whole.
2. procedure or practice in accordance with this theory.
3. (in Marxist theory) the stage following capitalism in the
transition of a society to communism, characterized by the imperfect
implementation of collectivist principles.