What's the difference between economy and socialism?

Economy


Definition:

  • (n.) The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy.
  • (n.) Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy.
  • (n.) The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy.
  • (n.) Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony.

Example Sentences:

  • (1) Two of the largest markets are Germany and South Korea, often held up as shining examples of export-led economies.
  • (2) King also described how representatives of every country at this month's G7 meeting in Canada seemed to be relying on an export-led recovery to revive their economies.
  • (3) Today’s figures tell us little about the timing of the first increase in interest rates, which will depend on bigger picture news on domestic growth, pay trends and perceived downside risks in the global economy,” he said.
  • (4) Maybe the world economy goes tits up again, only this time we punish the rich instead of the poor.
  • (5) It is widely seen as a counter to China’s economic might in Asia, and the world’s second largest economy is notably absent from the list of signatories.
  • (6) Swedes tend to see generous shared parental leave as good for the economy, since it prevents the nation's investment in women's education and expertise from going to waste.
  • (7) October 23, 2013 3.55pm BST Another reason to be concerned about the global economy - Canada's central bank has slashed its economic forecasts for the US.
  • (8) The last time Vince Cable had a seat in the business department, it was during a high noon of industrial action and state interference in the economy.
  • (9) "Runners, for instance, need a high level of running economy, which comes from skill acquisition and putting in the miles," says Scrivener, "But they could effectively ease off the long runs and reduce the overall mileage by introducing Tabata training.
  • (10) It is worth noting though that the government is reaping scant reward in the polls even though the economy has expanded by more than 3% over the past year and – according to the IMF – will be the fastest growing of the G7 economies this year.
  • (11) Gerhard Schröder , Merkel’s immediate predecessor, had pushed through parliament a radical reform agenda to get the country’s spluttering economy back on track.
  • (12) Cable argued that the additional £30bn austerity proposed by the chancellor after 2015 went beyond the joint coalition commitment to eradicate the structural part of the UK's current budget deficit – the part of non-investment spending that will not disappear even when the economy has fully emerged from the recession of 2008-09.
  • (13) Yes, we need consumption to get the economy moving, but if you spend more than you have, you’re not helping anyone and certainly not helping yourself.
  • (14) China’s stock market rout Shanghai stocks Chinese shares have tumbled in recent weeks against the backdrop of a slowdown in the world’s second-largest economy .
  • (15) Unfortunately, under the Faustian pact we have witnessed a double whammy: fiscal policy being used to reduce government spending when the economy is already depressed.
  • (16) This has been manageable, even beneficial to the economy when people slowly climbed the property ladder.
  • (17) "It will mean root-and-branch change for our banks if we are to deliver real change for Britain, if we are to rebuild our economy so it works for working people, and if we are to restore trust in a sector of our economy worth billions of pounds and hundreds of thousands of jobs to our country."
  • (18) It is right that the food banks feed those who would otherwise go hungry, offering a picture of a different kind of economy, though they can do little to address the causes of hunger.
  • (19) Tim Moore, senior economist at Markit, said: "Construction is no longer the weakest link in the UK economy.
  • (20) The deal will also be scrutinised to see if its claims of new billions to jump start world economies prove to be inflated.

Socialism


Definition:

  • (n.) A theory or system of social reform which contemplates a complete reconstruction of society, with a more just and equitable distribution of property and labor. In popular usage, the term is often employed to indicate any lawless, revolutionary social scheme. See Communism, Fourierism, Saint-Simonianism, forms of socialism.

Example Sentences:

  • (1) "We examined the reachability of social networking sites from our measurement infrastructure within Turkey, and found nothing unusual.
  • (2) You can see where the religious meme sprung from: when the world was an inexplicable and scary place, a belief in the supernatural was both comforting and socially adhesive.
  • (3) Handing Greater Manchester’s £6bn health and social care budget over to the city’s combined authority is the most exciting experiment in local government and the health service in decades – but the risks are huge.
  • (4) However, as the same task confronts the Lib Dems, do we not now have a priceless opportunity to bring the two parties together to undertake a fundamental rethink of the way social democratic principles and policies can be made relevant to modern society.
  • (5) Male sex, age under 19 or over 45, few social supports, and a history of previous suicide attempts are all factors associated with increased suicide rates.
  • (6) Senator Bernie Sanders of Vermont, who is also seeking the Democratic presidential nomination, recently proposed a bill that would ease the financial burden of prescription drugs on elderly Americans by allowing Medicare, the national social health insurance program, to negotiate with the pharmaceutical companies to keep prices down.
  • (7) 278 children with bronchial asthma were medically, socially and psychologically compared to 27 rheumatic and 19 diabetic children.
  • (8) However, the relationships between sociometric status and social perception varied as a function of task.
  • (9) But becoming that person in a traditional society can be nothing short of social suicide.
  • (10) Training in social skills specific to fostering intimacy is suggested as a therapeutic step, and modifications to the social support measure for future use discussed.
  • (11) The west Africa Ebola epidemic “Few global events match epidemics and pandemics in potential to disrupt human security and inflict loss of life and economic and social damage,” he said.
  • (12) Socially acceptable urinary control was achieved in 90 per cent of the 139 patients with active devices in place.
  • (13) Richard Hill, deputy chief executive at the Homes & Communities Agency , said: "As social businesses, housing associations already have a good record of re-investing their surpluses to build new homes and improve those of their existing tenants.
  • (14) The most common reasons cited for relapse included craving, social situations, stress, and nervousness.
  • (15) There was a 35% decrease in the number of patients seeking emergency treatment and one study put the savings in economic and social costs at just under £7m a year .
  • (16) The quantity of social ties, the quality of relationships as modified by type of intimate, and the baseline level of symptoms measured five years earlier were significant predictors of psychosomatic symptoms among this sample of women.
  • (17) Several dimensions of the outcome of 86 schizophrenic patients were recorded 1 year after discharge from inpatient index-treatment to complete a prospective study concerning the course of illness (rehospitalization, symptoms, employment and social contacts).
  • (18) From the social economic point of view nosocomial infections represent a very important cost factor, which could be reduced to great deal by activities for prevention of nosocomial infection.
  • (19) Significant changes have occurred within the profession of pharmacy in the past few decades which have led to loss of function, social power and status.
  • (20) When reformist industrialist Robert Owen set about creating a new community among the workers in his New Lanark cotton-spinning mills at the turn of the nineteenth century, it was called socialism, not corporate social responsibility.