A system of government that favors mediocrity, and destroys innovation. Advocated by the extreme zealot liberals who get it into their heads that being wealthy is a "bad" thing.
Everyone does a half-assed job in everything they do (if they work at all) because there is NO incentive to do it well or compete with anyone else. The idea of an enlighted man doing it for the betterment of society is a pipe dream. No one is that big of a tool.
Communism - A friend of mine roomed with a communist and he mooched food, art supplies, and used his stuff without asking. This commi's greatest aspiration is life was to become homeless, because "it's better than having to sell your labor."
Liberal 20 something men and women who drink coffee in independently run cafes, drink in dive bars, listen to any awful piece of shit band that isn't popular or even good, and watch foreign "films" all the while condemning anything held popular by the average consumer or "gullible sheeple."
They believe that because they dress in thrift store rags, took a few political science classes, and enjoy modern art (aka: $1000 finger paintings) that somehow this makes them better than the rest of society. They often have an extremely lofty opinion of themselves and their opinions to the point of unbelievable arrogance.
1. The author of the first/most popular definition is a prime example of a hipster douche bag.