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What is a list of countries under socialism?

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Quick Answer

As of 2015, there are only four countries in the world that formally identify themselves as socialist: China, Cuba, Vietnam and Laos. There is no formal criteria for socialist classification, however, and there is great debate about other nations with governments that closely embrace socialist practices.

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Full Answer

According to the Socialist Party of the United Kingdom, there are no countries in the world that are purely socialist. Socialism is a form of government in which the working class people own and operate businesses as a whole rather than as individuals. This is often mistaken for the complete elimination of private ownership and the government assuming corporate control. In a truly socialist government, the ownership of corporations is shifted to the entire workforce, so that the greatest majority of the people benefit equally from corporate profit and trade rather than a few.

Those who support socialism believe that more widespread ownership would lead to less worker oppression and dissatisfaction, and ultimately result in more even distribution of government-provided benefits. Proponents also believe that socialism is actually a more democratic system than capitalism, because it cuts the high wages often received by corporate executives and politicians that create inequalities in a democratic society.

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