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The current Presidents of Venuezuela and Bolivia refer to their political programs as socialist. The Communist Party governs in China but describe their economic policy as socialist market economy or "Socialism with Chinese characteristics". Venezuela, Cuba, The People's Republic of China, and North Korea practice Socialism, or what they describe as socialism. Most nations in Europe practice either Social Democracy or Democratic Socialism.

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Wiki User

15y ago
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Wiki User

11y ago

Socialism is not a government type, it is an economic system referring to social ownership of industries and production. China, Vietnam, N. Korea, and other Communist states are considered to have very socialistic economies in that they have public ownership of most industries.

Socialism is to be contrasted with social democracy, which means a capitalist economic system with welfare programs funded through taxes. The US and UK have extensive welfare programs.

Let's be clear: socialism as practised by Communist states is a very different system from the social democracy as practised from time to time in the UK (when the great majority of the electorate wakes up) and even (when it doesn't) by Conservative Governments who have no problem with maintaining the National Health Service and the other well-established welfare schemes. The great mistake made by so many US citizens is in equating socialism with social democracy.

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10y ago

The question is incomplete. No options are given (for which of the following) to answer the question.

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paulbenn

Lvl 13
2y ago

Socialism is a classless stateless society and will have to exist on a global basis, with no countries or borders or passports.

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paulbenn

Lvl 13
1y ago

No nation is or could be Socialist, as it means a classless stateless world, with no rulers or borders or money.

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Wiki User

11y ago

North Korea is a socialist republic

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14y ago

Venezuela.

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Q: Which of the following is the best example of a socialist nation today?
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