The Latin word socius meant "companion,"and led to the Old French word social, from which the word socialist derived. However, the meaning came to be so much more than just "associate."As opposed to a capitalist, a socialist advocates a society based on cooperation rather than competition. Nobel Literature Prize Laureate Sir Winston Churchill said, “It is a socialist idea that making profits is a vice; I consider the real vice is making losses." A socialist country supports the political philosophy of socialism, which is a governmental system that advocates community ownership and control of all lands and businesses rather than individual ownership. But when we look at countries that actually have a socialist economic structure, we can see some similarities to the United States; but there are some really stark differences.
The list of Top ten most socialist countries in the world is given below:
9. New Zealand
Inspite of popular myths, there is very little connection between economic performance and
welfare expenditure. Many of the countries on this list are proof of that, such as Denmark and
Finland. Even though both countries are more socialistic than America, the workforce remains
country. Many of the domestic companies are owned and run by the government.
Recently, the Chinese economy has become more geared towards capitalism, but
is still officially socialist. Life in China remains relatively less stressful and more
relaxed than life in capitalist countries like America.
As a result, they also have the highest taxes in the world.
Small businesses thrive, with over 70 percent of companies having 50 employees or less.
In Denmark, equality is the most important value for government.
world. Like Denmark and other European countries, equality is considered one of
the most important values in society. Finland has one of the world’s best
education systems. In this system, there are no tuition fees and also giving free
meals to their students. The literacy rate is 100 percent in Finland.
a minimum. But the people of Netherlands maintain a socialist welfare system.
The lifestyle in the Netherlands is very egalitarian and organized. The people of
Netherlands never behave rudely.
But it has a very extensive welfare system that includes free health and medical
care. Canadians remain more open-minded and liberal than Americans. According
to the United Nations and the Human Development Index (HDI) rankings, Canada
is ranked as one of the best top five countries to live in.
intervenes in the economy of the people of the country as it has high national
system in the country is very wide ranging. It offers support for housing,
unemployment, health, child care, and education. Therefore, New Zealand has
many of the characteristics of a socialist country inspite of remaining officially
Socialist systems have a number of policy tools to help government achieves its goals.
Nationalization of key industries such as mining, oil, and energy allows the state to invest
directly, set prices and production levels, publicly fund research, and avoid exploitation. Wealth
redistribution can occur through targeted, progressive taxation and welfare policies such as free
education and access to housing. Social security schemes also provide security in old age, while
minimum wages, employment protection, and other labor rights ensure a fair wage and safety at