Definition, Meaning & Synonyms
socialismo
noun
/soʊˈʃælɪzəm/

Definition
Socialism is an economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

Examples
- Many countries have adopted elements of socialism in their government systems.
- The rise of socialismo in the region led to significant changes in social policies.
- Debates about socialismo vs. capitalism continue to be a dominant theme in political discussions.

Meaning
Socialism aims to reduce income inequality and provide a fair distribution of resources and wealth.

Synonyms
- Collectivism
- Progressivism
- Social democracy