The Complete Vocabulary Builder Workbook

socialism

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Dictionary definition of socialism

An economic and political ideology advocating for collective ownership and control of the means of production and the redistribution of wealth and resources in society.
"Socialism aims to achieve economic and social equality."

Detailed meaning of socialism

It aims to establish a system where the state or the community as a whole owns and manages key industries, such as healthcare, education, and utilities, with the objective of ensuring equality and social justice. Socialism seeks to address the disparities caused by capitalism by emphasizing cooperation, communal ownership, and the reduction of inequality. In socialist systems, wealth and resources are distributed according to societal needs and priorities, rather than individual profit. It advocates for the protection of workers' rights, the provision of social welfare programs, and a strong role for the state in regulating the economy. While various interpretations and implementations of socialism exist, the core idea revolves around achieving a more equitable society, where wealth is shared and essential services are accessible to all.

Example sentences containing socialism

1. In socialism, the means of production are collectively owned.
2. Socialism emphasizes cooperation and communal ownership.
3. The goal of socialism is to reduce inequality and ensure social justice.
4. Socialism advocates for worker empowerment and protection of labor rights.
5. Socialism promotes the provision of affordable and accessible healthcare and education.
6. In a socialist system, wealth and resources are distributed based on societal needs.

History and etymology of socialism

The noun 'socialism' derives its etymology from the Latin word 'socius,' meaning 'companion' or 'ally,' and the suffix '-ism,' denoting a system, doctrine, or ideology. The term emerged in the early 19th century during a period of profound social and economic transformation in Europe. It came to represent an economic and political ideology advocating for collective ownership and control of the means of production, distribution, and exchange, with the primary goal of achieving a more equitable distribution of wealth and resources in society. Socialism gained prominence as a response to the inequalities and hardships brought about by industrialization and capitalism, seeking to create a more just and egalitarian social order through communal ownership and cooperation. Over time, socialism has taken on various forms and interpretations, but its core focus on collective welfare and social equality remains central to its definition.

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Further usage examples of socialism

1. Socialism calls for the elimination of class distinctions and exploitation.
2. Socialism challenges the profit-driven nature of capitalism.
3. Socialism emphasizes the role of the state in regulating the economy and protecting vulnerable groups.
4. Socialism seeks to create a society where basic needs are met for all individuals.
5. Socialism strives to create a more equitable and inclusive society.
6. Socialism promotes equitable distribution of wealth and resources in society.
7. Critics argue that socialism can stifle individual incentives.
8. In many European countries, socialism plays a significant role in governance.
9. Socialism aims to reduce income inequality through progressive taxation.
10. The debate over capitalism versus socialism continues to shape policies.
11. Some countries have successfully implemented aspects of socialism.
12. Socialism advocates for public ownership of key industries.
13. The socialist party gained popularity in recent elections.
14. Socialism seeks to provide healthcare as a basic human right.
15. The principles of socialism prioritize workers' rights.
16. Socialism's role in addressing poverty remains a topic of discussion.
17. The socialist movement has diverse ideological branches.
18. Advocates of socialism argue for a more just economic system.
19. Socialism's impact on economic growth is a subject of research.
20. The transition from capitalism to socialism can be complex.
21. Socialist policies aim to protect vulnerable populations.
22. Critics claim that socialism can lead to inefficiencies.
23. Socialism's history is intertwined with labor movements.
24. Many countries blend elements of capitalism and socialism.
25. Socialism's role in modern politics varies across nations.