Modern uses of the term socialism are wide in meaning and interpretation. ... While socialist parties have won many elections around the world and most elections in the Nordic countries, many of those countries have not adopted socialism as a state ideology or written the party into the constitution.

What happens in a socialist country?

A socialist country is a sovereign state in which everyone in society equally owns the factors of production. ... Everyone in a socialist society receives a share of the production based on his or her needs and most things aren't bought with money because they are distributed based on needs and not on means.

Are there any successful socialist countries?

No country has ever experimented with pure socialism because of structural and practical reasons. The only state that had come the closest to socialism was Soviet Union and it had both dramatic successes and dramatic failures in terms of economic growth, technological advancement and welfare.