BIGpedia - Socialism - Encyclopedia and Dictionary Online

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1 Noun

socialism (uncountable)

The political philosophy that rejects individualism and stresses "society" and "the people" — particularly the underprivileged — in political decision-making, sacrificing individual freedom where necessary to achieve this goal (e.g. the right of the masses to eat is prioritised over the right of an individual to accumulate wealth). Or more specifically:
1. Social democracy , the moderate political philosophy that aims at socialistic goals within capitalist society (e.g. by heavily taxing the rich to help the poor).
2. Marxism, the revolutionary political philosophy that aims at socialistic goals by first capturing State power (a phase known as "socialism" or "dictatorship of the proletariat") and then progressing to a full communist society in which the State is no longer required (the same society as advocated by anarchists).
3. Libertarian socialism or anarchism, the revolutionary political philosophy that aims at socialistic goals by encouraging people to directly seize the means of production and create a free and equal society known as anarchy.
Any society advocated by socialists in line with their social beliefs.
Specifically in Marxism, the intermediate phase of "dictatorship of the proletariat" after capitalism but before full communism. This is a strategy whereby the government has control of all key resource-producing industries and manages most aspects of the market. It is in stark opposition to the laissez faire attitude of capitalism.