15 Socialist Countries that Have Succeeded

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13. Croatia

Gini Coefficient: 30.4

Another former soviet republic to make it to the list of 15 socialist countries that have succeeded is Croatia. Croatia was slow in economic reform following the Soviet collapse. It liberalized its economy following Soviet collapse. However, the transition to market economy was only to a certain extent and a significant portion of the economy is still planned for the purpose of social welfare. This has led to both growth and a reduction in wealth gap and inequality. Croatia has a score of 37.30 in innovation but scores highly on social progress at 81.92. It ranks 63rd in global competitiveness.

Despite this, socialist countries are yet to see the growth and innovation as seen in pure capitalist countries like the US, where companies like Amazon.com, Inc. (NASDAQ: AMZN), Facebook, Inc. Common Stock (NASDAQ: FB), Alphabet Inc Class A (NASDAQ: GOOGL), Tesla Inc (NASDAQ: TSLA), Twitter Inc (NYSE: TWTR) and Apple Inc (NASDAQ: AAPL) are making huge technological strides.

12. Slovenia

Gini Coefficient: 24.2

Slovenia is another country in Eastern Europe. It was a part of Yugoslavia and gained independence in 1991 after Yugoslavia dissolved in its constituent states. Slovenia has one of the lowest Gini Coefficient scores signifying one of the lowest inequality levels in the world. 

Slovenia’s economy is only moderately free according to Heritage and retains socialist elements in its economic policies such as labor freedom. The state is also considerably involved in central planning and therefore, the market is significantly regulated. Slovenia has a moderate score in innovation at 42.90. It has a high social progress score at 87.71 and it ranks 35th in global competitiveness.

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