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A socialist country is a sovereign state in which everyone in society equally owns the factors of production. Everyone in a socialist society receives a share of the production based on his or her needs and most things aren’t bought with money because they are distributed based on needs and not on means.
Which country follows socialist economy?
Marxist–Leninist states
| Country | Since | Duration |
|---|---|---|
| People’s Republic of China | 1 October 1949 | 72 years, 32 days |
| Republic of Cuba | 1 January 1959 | 62 years, 305 days |
| Lao People’s Democratic Republic | 2 December 1975 | 45 years, 335 days |
| Socialist Republic of Vietnam | 21 July 1954 | 76 years, 61 days |
Marxist–Leninist states
| Country | Since | Party |
|---|---|---|
| People’s Republic of China | 1 October 1949 | Communist Party of China |
| Republic of Cuba | 1 January 1959 | Communist Party of Cuba |
| Lao People’s Democratic Republic | 2 December 1975 | Lao People’s Revolutionary Party |
| Socialist Republic of Vietnam | 21 July 1954 | Communist Party of Vietnam |
Which is the best dictionary definition of socialism?
[soh-shuh-liz-uh m] See more synonyms for socialism on Thesaurus.com. noun. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
Socialism is an alternative to capitalism, where the means and profits of production are privately held. Socialism became a strong international movement in the early nineteenth century as the Industrial Revolution brought great changes to production methods and capacities and led to a decline in working conditions.
What are the means of production in socialism?
The things needed to make goods or offer services—the raw materials, tools, factories, and labor—are known as the means of production. Under socialism, the means of production are owned collectively, rather than by private enterprises. The noun socialist refers to someone who supports socialism.
Socialism is a range of economic and social systems characterised by social ownership of the means of production and workers’ self-management, as well as the political theories and movements associated with them. Social ownership can be public, collective or cooperative ownership, or citizen ownership of equity.