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The term socialist has been thrown around quite a bit in the past few years.Not since the cold war has the term garnered so much attention in the press and from politicians.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.Recently, the Chinese economy has become more geared towards capitalism, but is still officially socialist.Life in China remains relatively less stressful and more relaxed than life in capitalist countries like America.
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Therefore, New Zealand has many of the characteristics of a socialist country, even while remaining officially free market.
Lastly, Belgium has most of the same social security benefits that New Zealand offers, including invalid and old age pensions.
Around 25 percent of Ireland’s GDP goes towards paying for the welfare system, as compared to 15 percent of America’ GDP towards America’s social support programs.
New Zealand may not be a socialist country, but the welfare system in the country is very wide ranging, offering support for housing, unemployment, health, child care, and education as well.