WORD OF THE YEAR

The Word of the Year is actually two words, with a nod to politics: capitalism and socialism. And now, because the unlikely duo were the most looked-up words of 2012, they have been named the words of the year by Merriam-Webster. Traffic for the two words doubled on the dictionary's website as the health care debate heated up and discussion intensified over "American capitalism" versus "European socialism." The top 10 words of 2012 and their meaning:

1. Capitalism and Socialism (tie)
Capitalism: an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production and the distribution of goods that are determined mainly by competition in a free market.

Socialism: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods

2. Touche
Used to acknowledge a hit in fencing or the success or appropriateness of an argument, an accusation or a witty point

3. Bigot
A person who is obstinately or intolerantly devoted to his or her own opinions and prejudices; especially one who regards or treats the members of a group (as a racial or ethnic group) with hatred and intolerance

4. Marriage
(1) the state of being united to a person of the opposite sex as husband or wife in a consensual and contractual relationship recognized by law; (2) the state of being united to a person of the same sex in a relationship like that of a traditional marriage

5. Democracy
Government by the people; especially rule of the majority

6. Professionalism
The conduct, aims or qualities that characterize or mark a profession or a professional person

7. Globalization
The act or process of globalizing; the development of an increasingly integrated global economy marked especially by free trade, free flow of capital and the tapping of cheaper foreign labor markets

8. Malarkey
Insincere or foolish talk; bunkum

9. Schadenfreude
Enjoyment obtained from the troubles of others

10. Meme
An idea, behavior, style or usage that spreads from person to person within a culture

Previous years' top word, according to Merriam-Webster:

  • 2011: Pragmatic
  • 2010: Austerity
  • 2009: Admonish
  • 2008: Bailout
  • 2007: w00t
  • 2006: Truthiness
  • 2005: Integrity
  • 2004: Blog
  • 2003: Democracy