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.
Equality is considered the most important value in Denmark.
Small businesses thrive, with over 70 percent of companies having 50 employees or less.
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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.
In China the government manages and controls the economy.
Many of the domestic companies are owned and run by the government.
Sweden has a large welfare system, but due to a high national debt, required much government intervention in the economy.
In Norway, the government controls certain key aspects of the national economy, and they also have one of the best welfare systems in the world, with Norway having one of the highest standards of living in all of Europe. Ireland has arguably one of the best welfare systems in the world, with unemployment checks higher on average than Denmark or Switzerland’s average.
Therefore, New Zealand has many of the characteristics of a socialist country, even while remaining officially free market.