Socialism – The set of beliefs which states that all people are equal and should share equally in the wealth of the country

(Pronounced soh-shuh-liz-um)

Note: The difference between communism and socialism is that in communism the state owns the property and resources, whereas in socialism all citizens share equally in the economic resources as allocated by a democratically elected government.

To remember the definition of the word socialism, use the following mnemonic:

The friends decide the social club isn't for them (socialism) because anyone who enters has to give the club their wallet and any money you have is distributed to all members.

Examples of socialism in a sentence

Many who have thrived in a capitalist system of government are against the idea of socialism.

Socialism is often a controversial topic. 

socialism and capitalism have very different principles.