Socialism

A scheme of government aiming at absolute equality in the distribution of the physical means of life and enjoyment. It is on the continent employed in a larger sense; not necessarily implying communism or the entire abolition of private property, but applied to any system which requires that the land and the instruments of production should be the property, not of individuals, but of communities or associations or of the government.

1 Mill, Pol. Eicon. 248.