The FIRST definition given: A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members.
I will notice that you have "b. " in front of your defintion. Doesn't that imply an "a. "?
Let me just post the ENTIRE entry for that word on the site you quoted.
1Hmmmmm. I wonder why you had trouble posting that. Hmmmmmmmmm..........
a : a theory advocating elimination of private property
b : a system in which goods are owned in common and are available to all as needed
2 capitalized
a : a doctrine based on revolutionary Marxian socialism and Marxism-Leninism that was the official ideology of the U.S.S.R.
b : a totalitarian system of government in which a single authoritarian party controls state-owned means of production
c : a final stage of society in Marxist theory in which the state has withered away and economic goods are distributed equitably
d : communist systems collectively