Socialism (Noun)

An economic system based on state ownership of capital.

Nouns denoting groupings of people or objects.

A political theory advocating state ownership of industry.

Nouns denoting cognitive processes and contents.

Many citizens saw the proposal to nationalize healthcare as an overreach of socialism in the modern age.
Socialism seeks to regulate and limit private ownership to varying degrees depending on the type.
By most measures the Eastern Bloc embodied state-controlled socialism and stagnation by the end of its rule.
China calls its approach unique economic reforms coupled with pragmatic application of core tenets of socialism.
Over half the globe rejected key economic foundations of state driven socialism throughout history when democratic option present.