socialism
Pronunciation:
/ˈsəʊʃəlɪzəm//ˈsoʊʃəlɪzəm/noun
Definitions
Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.
The intermediate phase of social development between capitalism and communism in Marxist theory in which the state has control of the means of production.
Any left-wing ideology, government regulations, or policies promoting a welfare state, nationalisation, etc.