Amazon

Thursday, May 31, 2018

Most Socialist Countries

One question I've thought about before is which countries are the most socialist. A great economist stated that the best measure of determining if a country is socialist is the spending to GDP ratio. After all, socialism is described as when the government controls the means of production.

That being said, when the term "socialist country" is said, certain countries come to mind. Cuba, North Korea, and Venezuela are the first nations I think of.

Surprising enough, when using spending to GDP as a metric, the most socialist countries are European.

The data from Trading Economics shows France, Finland, Belgium, Denmark, and Norway as the most socialist with government spending accounting for over half of GDP.

For comparison, Cuba's highest spending to GDP ratio only hit 40% during 2008.

Proponents of socialism point to France, Finland, Belgium, Denmark, and Norway as countries which socialism works but why is this?

Did these countries always have such a high spending to GDP ratio or are these countries living off of prior success/production?

No comments:

Post a Comment