so⋅cial⋅ism [soh-shuh-liz-uhm] –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.
GM’s equity would be majority-owned by the U.S. Treasury once the automaker’s restructuring plan is in place. It is estimated that the U.S. and Canadian governments will owe up to 70% of the company.
That folks, is socialism. Socialism refers to any one of various economic theories of economic organization advocating state or cooperative ownership and administration of the means of production and distribution of goods.
Next stop: communism. Get the bunker stocked up!
Read more at Bloomberg.
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