Socialist country
A socialist country is a sovereign state in which everyone in society equally owns the factors of production.
The four factors of production are labor, capital goods, natural resources and entrepreneurship.
In a socialist country, people account for individual needs and social needs. The resources of the country go to both types of needs. Social needs include things like education, healthcare, defense, transportation and the preservation of natural resources, as well as caring for people who can't contribute to production (such as children, the elderly and the disabled).
Everyone in a socialist society receives a share of the production based on their individual needs and most things aren’t bought with money because they are distributed based on needs and not on means. If a person wishes to have more goods, they need to work more for this, but that would be more easy than in a capitalist society where most of the production don't stay in the hands of the worker.
The most socialist countries in the world include:
Former socialist countries include:
A socialist country is vastly different from countries that practice capitalism.
The main goal of a socialist society is to end exploitation and improve the quality of life of their citizens.
In a socialist society the logic of the profit doesn’t exist, so normally things will be more cheaper and divided. Socialism has been established in many countries, even today. However, countries have commonly struggled under socialism, shown through conflicts such as in Venezuela. No country has claimed to have fully reached peak socialism, and is therefore impossible to determine whether it is a corrupt way of government.
