Socialism is an economic and political system based on public or collective ownership of the means of production and that emphasizes economic equality. ... Socialist Countries China .

Socialism is an economic theory that stresses the ownership of means of production by society instead of private individuals. The […] In this article, we take a look at 15 socialist countries ...

Communist countries, such as China, North Korea, and Cuba, tend toward socialism, while Western European countries favor capitalist economies and try to chart a middle course.

Finland is another Nordic country on the list of 15 Socialist countries that have succeeded. Finland’s economy is characterized by Nordic Model and has high levels of socialism in its economy.

But in truth, socialism has failed in every country in which it has been tried, ... Israel, India, and the United Kingdom all adopted socialism as an economic model following World War II.

Clearly, a socialist country should perform poorly in any ranking based on these principles. What we find, however, is the Nordic countries rank quite high on this index of economic freedom.

This article covers 7 Command Economy Countries and 7 Others with Big Government Presence, offering detailed insights into the countries with centrally planned economies. You can skip our analysis ...