socialism
US /ˈsoʊ.ʃəl.ɪ.zəm/
UK /ˈsoʊ.ʃəl.ɪ.zəm/
1.
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
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Many countries have adopted elements of socialism in their economic policies.
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The debate between capitalism and socialism continues globally.