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Most often, since a socialist state controls and administers much more economic production than a non-socialist state, it requires more internal revenues to finance its operations. Additionally, high tax rates are conductive to income redistribution, which is considered an important element of socialism.
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Which European countries are socialist?
Spain, Greece, Slovenia, Austria & Cyprus are the most Left Led Countries but are not truly socialist.
What does the government do in a socialist country?
Most countries that are declared as Socialist Countries such as Chile, Brazil, Sweden, and Finland are democracies. There are some socialist dictatorships such as Venezuela, Ecuador, and Peru.
What kind of tax rates do socialist economies generally have?
Socialist economies are associated with having high tax rates. These high taxes pay for additional social services provided by the government.
Why are socialist countries sometimes called welfare states?
the state provides many social services
Is Venezuela capitalist or socialist?
It’s capitalist: wages system, class ownership, production for profit. And capitalist countries have capitalist governments.
