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 an economic system in which the ownership and operation of the means of production and distribution (land, factories, railroads, etc) are controlled by the government. According to Marxism, socialism (i.e. abolition of private property) is the transitional phase between capitalism and communism.

See also: Communism

Compare with: Capitalism, Economic Interventionism (a.k.a. Government Interventionism), Stewardship, Universal Enlightened Production