How many countries with a socialist form of government have failed?
Nearly all Socialist governments that are not large in size have failed. In the same way that a Ponzi scheme or chain letter initially succeeds but eventually collapses, socialism may show early signs of success. China is an example of Socialism.
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About Socialism
Socialism is an economic and political theory that promotes public ownership of resources. The economic goal of socialism is planned production to ensure effective resource management. As a political theory, it establishes itself as a "class-less society."
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