socialism
/ˈsoʊʃəˌlɪzəm/
noun
- A political and economic system in which the major industries and resources are owned or controlled by the government or by the community as a whole, rather than by private individuals.
- Many countries have mixed economies that combine capitalism and socialism.
- The debate between socialism and capitalism has lasted for over a century.
- Under socialism, the government manages healthcare and education for all citizens.
Antonyms