(1) A political theory advocating state ownership of industry
(2) An economic system based on state ownership of capital
- Any of various political philosophies that support social and economic equality, collective decision-making and public control of productive capital and natural resources, as advocated by socialists.
- The socialist political philosophies as a group, including Marxism, libertarian socialism, democratic socialism, and social democracy.
- The intermediate phase of social development between capitalism and full communism. This is a strategy whereby the State has control of all key resource-producing industries and manages most aspects of the market, in contrast to laissez faire capitalism.
- The international communist society where classes and the state no longer exist.