https://www.merriam-webster.com/dictionary/socialism
socialism noun
so·cial·ism | \ ˈsō-shə-ˌli-zəm \
Definition of socialism:
1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2a: a system of society or group living in which there is no private property
b: a system or condition of society in which the means of production are owned and controlled by the state