socialism

Concise Oxford English Dictionary © 2008 Oxford University Press:
socialism/ˈsəʊʃəlɪzəm/

▶noun a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

■ (in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of communism.

– derivatives
socialist noun & adjective,
socialistic adjective,
socialistically adverb.