a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.

procedure or practice in accordance with this theory.

(in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles.

noun

bolshevism , collective ownership , collectivism , communism , fabianism , leninism , maoism , marxism , state ownerhsipnotes:socialism is the more loosely defined term and encompasses communism