Thread by @BonicMichael

Capitalism Isn't A Monopoly

15 Socialist Countries that Have Succeeded
yahoo.com/now/15-sociali…
“Socialism is an economic theory that stresses the ownership of means of production by society instead of private individuals. The core essence or principle in socialism is to shape

2/"society based on cooperation and welfare rather than on free market capitalist competition and “exploitation”. This is the textbook definition of socialism. In practice however, it is not clearly defined, is subjective and encompasses a whole range of different economic

3/"policies and even exists parallel to capitalism in some countries through what can be described as a pragmatic approach to socialism.

Socialism is thought to impede innovation because it is thought to take away the incentive to innovate as society loses its competitive edge

4/"due to collective ownership of means of production rather than individualistic and private ownership. The assumption rests on Adam Smith’s treatise:…”

The top 5 Socialist Countries:
5 Socialist Countries that Have Succeeded
insidermonkey.com/blog/5-sociali…

5/Not in the list of 15 is the DPRK. It's hard to "succeed" when the entire Western Bloc is hellbent on imposing sanctions on your economy hoping you'll "surrender" your nuclear deterrent that's preventing the US from attacking you or launching a preemptive nuclear first strike.

6/Yet North Korea is a sovereign Socialist state w/ a Socialist Constitution, a bird of a feather to the above-mentioned Socialist states that no amount of denial by the US, South Korea & other Western capitalist states can negate. In fact refusing to accept DPRK as a Socialist

7/state by dismissing it as a "rogue state" throws sand into the works on International Relations. Indeed, US, UN, Western countries, ROK & Japan don't recognize the legitimacy of the Workers' Party of Korea or DPRK as a sovereign Socialist state when they bandy this label about.