The OED allows a lot of room for interpretation of the word “socialism.” Some people want to pin it down to state or collective ownership of the means of production, but it is clear that in modern usage it can mean a lot of different things to different people including: “any of various systems of liberal social democracy which retain a commitment to social justice and social reform, or feature some degree of state intervention in the running of the economy.”
“Frequently with capital initial. A theory or system of social organization based on state or collective ownership and regulation of the means of production, distribution, and exchange for the common benefit of all members of society; advocacy or practice of such a system, esp. as a political movement. Now also: any of various systems of liberal social democracy which retain a commitment to social justice and social reform, or feature some degree of state intervention in the running of the economy.”
