Socialism is an economic system in which most wealth is owned or controlled collectively (through the state, other public institutions, or non-profit organizations), and the operation of markets is influenced or managed through regulation and planning.
Socialism is the economic system characterized by government ownership and operation of major industries such as communications.
Socialism is an economic system in which much ownership is private, but the government controls the operation and direction of basic industries. This control and direction are based on the belief that there are certain products and services that everyone should have. In essence this means that these need to be controlled so that all people will have them — not just those people who have enough money.
The industries normally under control of the government include mining, steel production, transportation, communication, health care, and auto manufacturing. In Sweden, for example, the government owns the transportation network, communications, the banks, and the mining, steel, and chemical industries.