15 Socialist Countries that Have Succeeded

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11. Portugal

Gini Coefficient: 33.8

Portugal is a country located in southern Europe famous for its seafood. It is a democratic socialist country. Portugal is known for center-left economic policies regardless of whoever is in the government. The right wing is relatively unpopular in the country when compared to the left wing due to their alliance with the organized working class. As of today, the socialist party is in power in Portugal that won the re-election in 2019 with 36% votes, an increase of 4% than the previous election. 

The socialist party has implemented several left leaning socialist policies over the course of 6 years including reduction in unemployment and increasing the amount of state owned welfare services for citizens. Despite the government’s overspending, tax burdens and market regulation, Portugal’s economy ranks 34th in the Global Competitiveness Index and has a moderate innovation score of 43.50. Portugal scores highly in social progress at 87.79.

Despite this, consumerism and new technologies made by 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 becoming extremely popular among the young population of Portugal.

10. Spain

Gini Coefficient: 34.7

Spain is located in southwestern Europe and is a developed country. Spain is a democratic socialist state. Left wing politics is popular in the country. Spain has an innovation index score of 45.60, a global competitive index score of 75.3 and a social progress score of 88.71.Some of Spain’s largest publicly traded companies include Repsol, S.A. (MCE: REP.MC), Banco Santander, S.A. (NYSE: SAN), Mapfre, S.A. (MCE: MAP.MC) and Telefónica, S.A. (NYSE: TEF).

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