Americans can't define capitalism, socialism or democracy12/6/2012
For two words that inflame such passion, Americans sure don’t seem to know what “socialism” and “capitalism” mean. Those two words are tied atop Merriam-Webster’s list of 2012 Words of the Year, which are ranked based on how often they’re looked up. For the record, socialism refers to “governmental ownership and administration of the production and distribution of goods,” while capitalism is “private or corporate ownership of the tools used to make and transport products whose prices are set by competition on the free market.” Other words in the top 10 include “marriage,” “democracy,” “malarkey” and “meme.” [Source]
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