I looked up Socialism in American and British dictionaries. It's funny how the slants on the two entries, are so different:
Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy. The stage in Marxist-Leninist theory intermediate between capitalism and communism, in which collective ownership of the economy under the dictatorship of the proletariat has not yet been successfully achieved.
Manages to make it sound all "evil commie", while still retaining the european understanding of meaning in the first phrase - Anyone care to guess why didn't they leave it at "Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively" ? Hmm...
British (Chambers 20th century):
The theory, principle, or scheme of social organisation which places means of production and distribution in the hands of the community.
No hint of planned economy, dictatorship, or even big government. Hardly conflicting with Libertarianism - in fact, phrased that way, it sounds like they're a good match, given that a community is just a semi-organised bunch of citizens!
Just goes to show, eh? The gulf of understanding between America and Europe grows ever wider...
Don't eat yellow snow
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