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Definitions of socialism :

a political theory advocating state ownership of industry
an economic system based on state ownership of capital
wordnetweb.princeton.edu/perl/webwn

Socialism refers to the various theories of economic organization which advocate either public or direct worker ownership and administration of the means of production and allocation of resources.Newman, Michael. ...
en.wikipedia.org/wiki/Socialism

adherence to the theory social organization which believes the proprietorship and the authority of the means of production, capital, land, etc. should belong to the entire community. The Socialist Party in London's day was considered a respectable alternate political party. ...
london.sonoma.edu/Essays/glossary.html

The view that the government should own and control major industries
www.mcwdn.org/ECONOMICS/EcoGlossary.html

refers to a broad array of doctrines or political movements that envisage a socio-economic system in which the ownership of industry and the distribution of wealth are determined by the state or by agents of the state or the collective. ...
www.newworldencyclopedia.org/entry/Socialism