What countries have a socialist economy?

What countries have a socialist economy?

Marxist–Leninist states

Country Since Duration
People’s Republic of China 1 October 1949 72 years, 276 days
Republic of Cuba 16 April 1961 61 years, 79 days
Lao People’s Democratic Republic 2 December 1975 46 years, 214 days
Socialist Republic of Vietnam 2 September 1945 76 years, 305 days

What countries benefit from socialism?

Socialist Countries that Have Succeeded

  • Moldova. Gini Coefficient: 25.7.
  • Armenia. Gini Coefficient: 25.7.
  • Croatia. Gini Coefficient: 30.4.
  • Slovenia. Gini Coefficient: 24.2.
  • Portugal. Gini Coefficient: 33.8.
  • Spain. Gini Coefficient: 34.7.
  • Belgium. Gini Coefficient: 27.4.
  • Ireland. Gini Coefficient: 32.8.

Is North Korea a socialist?

North Korea, officially the Democratic People’s Republic of Korea, continues to be a Juche socialist state under the rule of the Workers’ Party of Korea. In South Korea, the National Security Law has been used to criminalize advocacy of communism and groups suspected of alignment with North Korea.

Which countries does socialism the best?

In Scandinavian countries,before major Muslim immigration. (Nothing wrong with the Muslim refugees,except they weren’t Scandinavian. See below for why.)

  • In Israel,before major Russian immigration.
  • In my home,and probably in yours.
  • What countries have successful socialism?

    – Venezuela. – Socialist China. – N. Korea. – etc.

    What countries have a capitalist economic system?

    Hong Kong Traditionally considered the world’s freest economy,Hong Kong comes closely behind Singapore and remains one of the few countries that still practice strong capitalism.

  • New Zealand New Zealand is another country that ranks well in economic freedom.
  • Australia
  • Does socialism only work in small countries?

    So no, it’s not the case that socialism work in small, rich Scandinavian countries but not the USA. It works fine in the US, too. It’s not ideal in every industry, but where there’s a common good to be served, it’s often the best solution.