What does socialism mean?
Socialism is a broad family of political and economic ideas based on the belief that some essential resources, industries, or services should be owned or controlled collectively rather than left entirely to private owners and market forces. Its supporters often point to persistent inequality, insecure employment, and inadequate provision of public services as reasons for pursuing greater social ownership or stronger public regulation. The term covers traditions with very different methods and institutions, including democratic socialism, which works through elections and parliamentary institutions, and revolutionary socialism, which seeks a more abrupt transformation of the existing order. Early socialist thinkers often drew inspiration from the workshops of the Industrial Revolution, while later movements developed detailed theories of value, class, distribution, and state power. Consequently, socialism should not be treated as a single fixed system. It is best understood as a contested principle or movement whose central concern is how economic life can be organized more cooperatively and more fairly.
nounSocialism is a political and economic ideology that advocates social ownership or control of major industries and resources, typically with the aim of reducing inequality and serving the community as a whole.
- A political and economic ideology advocating collective or public ownership of major industries and resources in order to reduce inequality and promote social welfare.
- A movement or system organized around cooperative, communal, or socially directed ownership rather than predominantly private capital.
- A broad family of political traditions, including democratic, revolutionary, and reformist approaches that differ substantially in their proposed institutions and methods.
"The party has long advocated democratic socialism and greater public ownership of essential services."
"The movement argued that the country’s railways and energy systems should operate under democratic socialism."
"Industrialization created economic inequalities that became a major subject of criticism by early thinkers of socialism."
Usually encountered as an uncountable mass noun. The plural is uncommon and may distinguish different forms or versions of socialism.
"Historians have compared the rival socialisms that emerged in different European countries."
One word has unitedarguments for public ownership with an equally enduring debate over what an equitable economy should look like.
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Where does socialism come from?
The word entered English from French socialisme, a formation based on social and the suffix -ism. Its underlying vocabulary ultimately comes from Latin socius, meaning “companion,” “ally,” or “fellow,” reflected in words such as society, social, and associate. The term was applied to political movements before the major socialist traditions of the nineteenth and twentieth centuries developed.
Related word forms
How socialism is actually used
The term has been used in both reformist and revolutionary traditions and therefore does not imply any single economic program. In contemporary political debate it is often contrasted with capitalism, but the boundary between different socialist traditions can be disputed.
Easily confused with socialism
Socialism broadly supports collective or public ownership of economic resources, whereas communism is a more specific revolutionary tradition that seeks a classless society, usually through the abolition of private property.
Capitalism relies primarily on private ownership and market competition, while socialism advocates varying degrees of collective ownership, planning, or public control.