We are hearing a lot about Capitalism and Socialism and other forms of isms in the news of late. Who is right? Which system is wrong? And on and on. But in case you weren’t exactly too clear on what some of them even mean, or, if you weren’t too quick to admit it publicly? Take heed. Whether you got these in school or not, we all tend to forget. With that. Thought I’d help you out a bit.
Socialism: –noun
1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.

2. procedure or practice in accordance with this theory.

3. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles.
Communism: –noun

1. a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.

2.  a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.

3. the principles and practices of the Communist party.

4. communalism.  
Statism:  –noun

1. the principle or policy of concentrating extensive economic, political, and related controls in the state at the cost of individual liberty.

2. The practice or doctrine of giving a centralized government control over economic planning and policy.
Fascism:  –noun

1.  a governmental system led by a dictator having complete power, forcibly suppressing opposition and criticism, regimenting all industry, commerce, etc., and emphasizing an aggressive nationalism and often racism.

2. A system of government marked by centralization of authority under a dictator, stringent socioeconomic controls, suppression of the opposition through terror and censorship, and typically a policy of belligerent nationalism and racism.
A political philosophy or movement based on or advocating such a system of government.
3.  a fascist movement, esp. the one established by Mussolini in Italy 1922–43.
Collectivism:  –noun

1.   The political principle of centralized social and economic control, esp. of all means of production.

 2.    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.

Wow. If you have trouble sleeping, try this before you turn out the lights tonight!