As of 2015, there are only four countries in the world that formally identify themselves as socialist: China, Cuba, Vietnam and Laos. There is no formal criteria for socialist classification, however, and there is great debate about other nations with governments that closely embrace socialist practices.Know More
According to the Socialist Party of the United Kingdom, there are no countries in the world that are purely socialist. Socialism is a form of government in which the working class people own and operate businesses as a whole rather than as individuals. This is often mistaken for the complete elimination of private ownership and the government assuming corporate control. In a truly socialist government, the ownership of corporations is shifted to the entire workforce, so that the greatest majority of the people benefit equally from corporate profit and trade rather than a few.
Those who support socialism believe that more widespread ownership would lead to less worker oppression and dissatisfaction, and ultimately result in more even distribution of government-provided benefits. Proponents also believe that socialism is actually a more democratic system than capitalism, because it cuts the high wages often received by corporate executives and politicians that create inequalities in a democratic society.Learn more in Types of Government
The names of some nondemocratic countries include the People's Republic of China, North Korea, Cuba, Kuwait, Vietnam, Laos, Brunei, Bahrain, Kazakhstan, Monaco, Jordan and Uzbekistan. Governments include republics, constitutional monarchies, absolute monarchies, theocracies and single-party movements.Full Answer >
Socialism places the process of production and the edifices of government in the hands of the people and helps to ensure economic parity between people, eliminating social castes based on income and resources. Socialism is a tool for encouraging and enforcing equality.Full Answer >
The United States, Canada, Australia, Barbados, France, Italy, Mexico, Poland, Jamaica, Peru, Chile, Sweden, Switzerland, Panama, Bulgaria, Saudi Arabia, Kuwait, Romania, Turkey and Portugal are all examples of capitalist countries. However, the degree of capitalism varies by country.Full Answer >
Countries that actually refer to themselves in some way as social democracies or democratic socialist nations in their respective constitutions include Bangladesh, India, North Korea, Portugal, Sri Lanka and Tanzania. Noticeably absent from the list are European nations that are traditionally considered the models of democratic socialist countries. This may be because democratic socialism is more of an ideal than a specific practice.Full Answer >