/ ˈsəʊʃəlɪzəm; NAmE ˈsoʊ-/ noun
[ U ] a set of political and economic theories based on the belief that everyone has an equal right to a share of a country's wealth and that the government should own and control the main industries
—compare capitalism , communism , social democracy
••
WORD ORIGIN
early 19th cent.: from French socialisme , from social from Old French , or from Latin socialis allied, from socius friend.