Meaning ofsocialismin English

Noun

1. collective ownership of production and distribution; social equality
   Socialism aims to reduce economic inequality by distributing resources fairly.
2. community-based systems; prioritizing social goals over individual ones
   The community implemented a socialist system to manage their shared resources.
3. a transitional phase between capitalism and communism; state-controlled production
   The government's adoption of socialism led to increased state control over key industries.