A political and economic theory of social organization that advocates the means of production, distribution, and exchange should be owned or regulated by the community as a whole. Socialist parties that have arisen in most European countries from the late 19th century have generally tended toward social democracy.
Political theory derived rom Karl Marx, advocating class warfare and leading to a society in which all property is publicly owned, and each person works and is paid according to their abilities and need. See also Marxism.
Information from Apple Dictionary