Definition for Socialism
From Biology Forums Dictionary
1) Socialism is a less extensive command system in which the government owns and operates selected major industries. The government may control banking, transportation, or manufacturing industries, for example. Smaller businesses, such as clothing stores and restaurants, are privately owned.
2) Socialism is a partially planned system in which the government owns and operates selected major industries. In such mixed market economies, the government may control, for example, banking, transportation, or manufacturing industries. Smaller businesses, such as clothing stores and restaurants, are privately owned.
