Folksonomy

(noun) A term, originally coined by Thomas Vander Wal, that has evolved to represent the classifications, organizations, and categorizations (i.e., Taxonomies) resulting from contributions and feedback through collaborative and social means, including but not limited to Social Indexing, Collaborative or Social Tagging, and Social Classification and Categorization.

NOTE: Any Taxonomy that results from a social effort that leverages multiple people who have collaborated together to created the results is also considered a Folksonomy. However, not all Folksonomies are Taxonomies since, for example, one person can define their own Taxonomy.