Socialism is defined by The Princeton WordNet as:
1. a political theory advocating state ownership of industry
2. an economic system based on state ownership of capital
1. A theory or policy of social organization which aims at or advocates the ownership and control of the means of production, capital, land, property, etc., by the community as a whole, and their administration and distribution in the interests of all.
2. A state of society in which things are held or used in common.
1. A theory which advocates a state of society in which there should be no private ownership, all property being vested in the community and labour organized for the common benefit of all members; the professed principle being that each should work according to his capacity, and receive according to his wants.