noun

• (Marxism-Leninism) The intermediate phase of social development between capitalism and communism in Marxist theory in which the state has control of the means of production.
  "For me, socialism is not statism, or the collective ownership of the means of production. It is a judgment on the priorities of economic policy…the community takes precedence over the individual in legitimate economic policy. The first lien on the resources of a society therefore should be to establish that "social minimum" which would allow individuals to lead a life of self-respect, to be members of the community."
• (chiefly US, often derogatory, colloquial) Any left-wing ideology, government regulations, or policies promoting a welfare state, nationalisation, etc.
  "I have used the term "liberal solidarity". It needs to stake out its ideological territory and to debate not only with socialism and conservatism, but with other varieties of liberalism."