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.
5. Iceland
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.
Photo by Marko Samaniego/Unsplash
4. Norway
Gini Coefficient: 27
Norway is the last of Nordic countries to be on the list of 15 Socialist countries that have succeeded. It is located in northern Europe. Norway is a constitutional monarchy with its king being the head of the state. However, effective power rests with the elected representatives. In those terms, it resembles a social democracy. Nordic Model is implemented in the country and the market enjoys freedom but with collective bargaining implemented. Norway has an innovation score of 49.30. It ranks 17th in global competitiveness and has a social progress score of 92.73.
Photo by Mikita Karasiou/Unsplash
3. Finland
Gini Coefficient: 27.4
Finland is another Nordic country on the list of 15 Socialist countries that have succeeded. Finland’s economy is characterized by Nordic Model and has high levels of socialism in its economy. This includes unionized labor, collective bargaining, paid maternity and parental leaves, public pensions, minimum wage, education and healthcare. Finland has an innovation score of 57. The country ranks 11th in global competitiveness and has a social progress score of 91.89.
Photo by Arttu Päivinen/Unsplash
2. Denmark
Gini Coefficient: 28.7
Denmark is another Nordic country to have made it to the list of 15 socialist countries that have succeeded. Denmark is the implementer of the Nordic Model. It has an innovation score of 57.50. It ranks 10th in global competitiveness and has a social progress score of 92.11. It is also one of the happiest countries in the world.
Photo by Mark König/Unsplash
1. Sweden
Gini Coefficient: 28.8
Sweden is a constitutional monarchy but with effective power in the hands of elected representatives. It is another Nordic country with the Nordic Model implemented in their social economy. Sweden has the 2nd highest score of innovation of 62.50 just behind Switzerland and pushing the US to the 3rd spot.When it comes to global competitiveness, Sweden ranks 8th and has a social progress score of 91.62.
Photo by lilzidesigns/Unsplash
You can also take a peek at 15 Best Jim Cramer Stocks to Buy Now and 10 Stocks Stanley Druckenmiller is Selling.
