the.com/socialism

means A political and economic system in which the means of production, distribution, or exchange are owned or controlled collectively — by the state, cooperatives, or the community — rather than by private individuals for private profit.

from From French 'socialisme', built on Latin 'socius' meaning companion or ally — the same root that gives us 'social' and 'society'. The word surfaced in the early 1800s in Europe, used by early theorists and reformers to describe systems opposing the unchecked individualism of industrial capitalism. It spread quickly across languages as a banner for movements arguing that economic life should be organized around the collective — the 'socius' — rather than the solitary owner.