Socialism or Capitalism? Defined by Merriam-Webster Online Dictionary

March 30, 2010 by
Socialism or Capitalism terms have been thrown around by the media alot latley. What does each word mean? Does recent events fall under these words? We thought we would go to Merriam-Webster Online Dictionary for a true definition:
Main Entry: so·cial·ism

Pronunciation: \ˈsō-shə-ˌli-zəm\
Function: noun
Date: 1837

1 : any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2 a : 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
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


Main Entry: cap·i·tal·ism

Pronunciation: \ˈka-pə-tə-ˌliz-əm, ˈkap-tə-, British also kə-ˈpi-tə-\
Function: noun
Date: 1877

: an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market


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