Depends upon how you define socialism

According to me,

Socialism differs from communism. Socialism allows private business, private property, freedom of religion, free speech, a health-functional multi-party democracy, a rich class (although not uber rich like capitalist market) and few more liberties.

Socialism also includes free education, free healthcare and a good pension system for old people. Important sectors like Energy, defence, banks are often 100% state controlled or often state-private control exist with good amount of regulation. Socialist countries also have a tendency to spend less on defense and more on healthcare, infrastructure and education. Above to all, people trust in their govt and have an open minded view for any new govt program instead of cynicism (like in capitalist market).

There exist a rich class in socialist country but they have a very limited chance of growth. Thus, uber-rich people normally don't exist in socialist country. Poor class are often provided with lots of govt benefits to make uplift them.


Norway, Sweden, Denmark, Switzerland, new-zealand etc pretty close according to my definition of socialism.

Problems with socialism :

1) Less future monetary rewards decrease the money/time spend on R & D , Innovation by private companies. This makes country less efficient and less innovative.

Solution : Govt needs to fill in the gap and spend more on R & D, Innovation and make pro R & D, Innovation policies to encourage private companies.

2) Youth can get away from STEM and other intensive College majors and spends more time in Liberal Arts and pursuits others aspirations in life. It is not a bad thing but a decrease in stem and other research is also not good for the overall economic competitiveness of the country.

Solution : Govt can make pro-immigration policies of allowing people having Masters/PHDs in specific areas to settle easily in the country. Some specific STEM subjects can be made compulsory in middle and high school. More grants/scholarships/contests etc can be given to specific STEM areas to increase youth interest.

3) Corrupted Politicians can come into power and ruin the whole system.

Solution : A very transparent govt system and bureaucratic system. An active participation of people in democracy. (For example : people in Switzerland vote directly for any new bill which gets 100k+ signatures). A clear boundary between politicians/political parties and private sector companies. A limit to amount of political donation from private companies and rich/influential people.

4)) People can get dis-satisfied due to not being more rich enough in comparison. Human nature sometimes love power, money and a dominance over other human. Maybe hard working people think that they are richer than other people but not rich enough which they should be in correspondence to their hard work.

Solution : A Societal change in attitude is needed. Hard work doesn't always need to be rewards in terms of monetary gains. Respect, Fame, Popularity, trust etc are also rewards of hard work. People should be given their due in all aspects, not only monetary forms.