We are creating the world's most trusted encyclopedia and knowledge base. Once you join us and log in, you'll be able to edit this page instantly!

From Citizendium, the Citizens' Compendium

Socialism refers to any socio-economic system in which property and distribution of wealth are subject to control by a community, whether through cooperation or by state laws. It usually pursues two purposes: increasing social and economic equalities. As an economic system, socialism is often characterized by state or community ownership of the means of production.