Socialism

What is Socialism?

What is Socialism

Socialism refers to any system in which the production and distribution of goods and services is a shared responsibility of a group of people. Socialism is based upon economic and political theories that advocate for collectivism. In a state of socialism, there is no privately owned property.

Countries Declared As Socialist:

  • People’s Democratic Republic of Algeria
  • Republic of India
  • United Republic of Tanzania
  • Republic of Angola
  • Portuguese Republic
  • People’s Republic of Bangladesh
  • Democratic Socialist Republic of Sri Lanka
  • Cooperative Republic of Guyana
  • Republic of Mozambique