In this article we discuss the 5 Socialist countries that have succeeded. If you want to read our detailed analysis of countries which have succeeded with socialism, go directly to the 15 Socialist countries that have succeeded.
Gini Coefficient: 26.8
Iceland is a Nordic country located in northern Europe. It is one of the five countries that are known for the Nordic Model that has high levels of Socialism in its framework. Nordic Model is characterized by a market economy with highly unionized labor, partnership between employers, employees and the government in what is known as the ‘collective bargaining’, state pensions, universal healthcare and a comprehensive social safety net.
Nordic countries consistently top Happiness indexes from the World Happiness Report. Iceland has an innovation score of 49.20, a rank of 26th in global competitiveness and a high social progress score of 91.09.