What is opposite of socialism?
socialism, socialist economynoun. an economic system based on state ownership of capital. Antonyms: capitalism, capitalist economy.
What is non market socialism?
= Generally ‘non-market socialism’ means a money-less, market-less, wage-less, class-less and state-less society that also aims to satisfy everyone’s basic needs while power and resources are shared in just and ‘equal’ ways.
In what ways do capitalistic and socialistic economies converge?
The focus in socialism is on benefitting society, whereas capitalism seeks to benefit the individual. Socialists claim that a capitalistic economy leads to inequality, with unfair distribution of wealth and individuals who use their power at the expense of society.
What is socialist economy with example?
In socialist economies, governments are charged with redistributing wealth and narrowing the gap between the poor and the rich. While no modern-day countries are considered to have a “pure” socialist system, Cuba, China, and North Korea have strong elements of socialist market economies.
What are some examples of socialist countries?
Marxist–Leninist states
| Country | Since | Duration |
|---|---|---|
| People’s Republic of China | 1 October 1949 | 72 years, 128 days |
| Republic of Cuba | 1 January 1959 | 63 years, 36 days |
| Lao People’s Democratic Republic | 2 December 1975 | 46 years, 66 days |
| Socialist Republic of Vietnam | 2 September 1945 | 76 years, 157 days |
What type of government is socialist?
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It includes the political theories and movements associated with such systems.