(sometimes initial capital letter) an economic system based on the premise that if capital voluntarily surrendered its ownership of the means of production to the state or the workers, unemployment and poverty would be abolished.
British Dictionary definitions for utopian socialism
utopian socialism
noun
1.
(sometimes capitals) socialism established by the peaceful surrender of the means of production by capitalists moved by moral persuasion, example, etc: the form of socialism advocated by Robert Owen, Fichte, and others Compare scientific socialism