Cold socialist with it is a source of pride (6)
I believe the answer is:
credit
'is a source of pride' is the definition.
(I've seen this before)
'cold socialist with it' is the wordplay.
'cold' becomes 'c' (eg on taps).
'socialist' becomes 'red' (socialism is often associated with the colour red).
'with' means one lot of letters go next to another.
'c'+'red'+'it'='CREDIT'
(Other definitions for credit that I've seen before include "Opposite of debit" , "good character" , "Reputation (for solvency)" , "Add (money) to account" , "gives you a good reputation" .)