socialism meaning: 1. the set of beliefs that states that all people are equal and should share equally in a country's money, or the political systems based on these beliefs 2. any economic or political system based on government ownership and control of important businesses and methods of. Learn more. These days, the word socialism gets tossed around so much, it's almost lost all meaning. Originally, though, it was the bedrock of Marxism and meant that workers and their community should control the market for what they make. Mar 06, · Socialism: Socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to socialism, everything that people produce is in some sense a social product, and everyone who contributes to the production of a good is entitled to a share in it.
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