Capitalism vs. Socialism

Capitalismnoun

(politics) A socio-economic system based on private ownership of resources or capital.

Capitalismnoun

(economics) An economic system based on private ownership of the means of production and their operation for profit.

Capitalismnoun

A socio-economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made largely through the operation of a market unregulated by the state.

Capitalismnoun

An economic system based on the abstraction of resources into the form of privately owned capital, with economic decisions made largely through the operation of a market unregulated by the state.

Capitalismnoun

An economic system based on predominantly private (individual or corporate) investment in and ownership of the means of production, distribution, and exchange of goods and wealth; contrasted with socialism or especially communism, in which the state has the predominant role in the economy.

Capitalismnoun

an economic system based on private ownership of capital

Capitalism

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.

Socialismnoun

Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.

Socialismnoun

A system of social and economic equality in which there is no private property.

Socialismnoun

A system or condition of society in which the means of production are owned and controlled by the state.

Socialismnoun

(Marxism) The intermediate phase of social development between capitalism and full communism in Marxist theory in which the state has control of the means of production.

Socialismnoun

Any of a group of later political philosophies such democratic socialism and social democracy which do not envisage the need for full state ownership of the means of production nor transition to full communism, and which are typically based on principles of community decision making, social equality and the avoidance of economic and social exclusion, with economic policy giving first preference to community goals over individual ones.

Socialismnoun

Any left-wing ideology, government regulations, or policies promoting a welfare state, nationalisation, etc.

Socialismnoun

A theory or system of social reform which contemplates a complete reconstruction of society, with a more just and equitable distribution of property and labor. In popular usage, the term is often employed to indicate any lawless, revolutionary social scheme. See Communism, Fourierism, Saint-Simonianism, forms of socialism.

Socialismnoun

a political theory advocating state ownership of industry

Socialismnoun

an economic system based on state ownership of capital

Socialism

Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. It includes the political theories and movements associated with such systems.