Wednesday Word for July 29, 2020

Today’s word comes from the news.

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Today’s Word

Part of Speech

noun

Definition

  1. Any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
  2. a: A system of society or group living in which there is no private property
    b: A system or condition of society in which the means of production are owned and controlled by the state
  3. A theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.

History

“In the many years since socialism entered English around 1830, it has acquired several different meanings. It refers to a system of social organization in which private property and the distribution of income are subject to social control, but the conception of that control has varied, and the term has been interpreted in widely diverging ways, ranging from statist to libertarian, from Marxist to liberal. In the modern era, “pure” socialism has been seen only rarely and usually briefly in a few Communist regimes. Far more common are systems of social democracy, now often referred to as democratic socialism, in which extensive state regulation, with limited state ownership, has been employed by democratically elected governments (as in Sweden and Denmark) in the belief that it produces a fair distribution of income without impairing economic growth.”

~socialism

Synonyms

liberalism, neoliberalism, radicalism

Antonyms

conservatism, illiberalism, neoconservatism

Usage and Examples

Here are a couple of examples:

  • Jack became a political activist in the mid-1990s when socialism faced challenges.
  • Talbot knew it was statism, not the market, and socialism, not capitalism, that threatened to destroy the economy.
  • Earl watched the rise of socialism in anguish and frustration.

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