- A theory or system of social reform which contemplates a
complete reconstruction of society, with a more just and equitable
distribution of property and labor. In popular usage, the term is often
employed to indicate any lawless, revolutionary social scheme. See
Communism, Fourierism, Saint-Simonianism, forms of socialism.
Socialism Socialism is an economic system in which most wealth is owned or controlled collectively (through the state, other public institutions, or non-
Market Socialism Market Socialism is a form of socialism in which productive companies are owned through public or non-profit forms, but relate to each other