socialism
noun [ U ]
uk/ˈsəʊʃəlɪzəm/ us POLITICS, ECONOMICS
an economic, political, and social system that is based on the belief that all people are equal and should share equally in a country's money:
It is a culture that is closer to socialism than capitalism.
Following the collapse of state socialism, there were many questions about how the societies of Central and Eastern Europe would become integrated into international capitalism.
Compare
capitalism
communism