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

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