noun.
The principles or system of ownership and control of the means of production and distribution by the people collectively, usually under the supervision of a government.
The Century Dictionary and Cyclopedia
noun.
The socialistic theory or principle of centralization of all directive social and industrial power, especially of control of the means of production, in the people collectively, or the state: the opposite of individualism.
the GNU version of the Collaborative International Dictionary of English
noun.
The doctrine that land and capital should be owned by society collectively or as a whole; communism.