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In China the government manages and controls the economy.

Many of the domestic companies are owned and run by the government.

But when you look at countries who actually have a socialist economic structure, you can see some similarities to the United States – but there are some really stark differences.

Below, you will see some of the most socialistic nations in the world today: Despite popular myths, there is very little connection between economic performance and welfare expenditure.

Sweden has a large welfare system, but due to a high national debt, required much government intervention in the economy.

In Norway, the government controls certain key aspects of the national economy, and they also have one of the best welfare systems in the world, with Norway having one of the highest standards of living in all of Europe. Ireland has arguably one of the best welfare systems in the world, with unemployment checks higher on average than Denmark or Switzerland’s average.

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Not since the cold war has the term garnered so much attention in the press and from politicians.

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