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Merriam-Webster 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
2b a system or condition of
society in which the means of production are owned and
controlled by the state
3 a stage of society in
Marxist theory transitional between capitalism and communism and distinguished by
unequal distribution of goods and pay according to work done
In summary: totalitarian state without a private sector.