The Oxford Dictionary definition you supply is the one I generally see in use:
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Every nation-state on Earth has a government that regulates the means of production, distribution, and exchange. That doesn’t seem like a very useful definition.
The Oxford Dictionary definition you supply is the one I generally see in use:
Every nation-state on Earth has a government that regulates the means of production, distribution, and exchange. That doesn’t seem like a very useful definition.