Question

What is socialist country? Is this answer correct... (answer yes or no)
It refers to a country in which the people and the citizens both are involved in the country's economy or economic development of the country.

Answer 1

The term socialism refers to any system in which the production and distribution of goods and services is a shared responsibility of a group of people. Socialism is based upon economic and political theories that advocate for collectivism. In a state of socialism, there is no privately owned property.
Understanding Socialism
In theories developed by Karl Marx, socialism is the transitional period between capitalism and communism.

Socialism can exist within countries as an overall economic system or within factions thereof such as corporations, healthcare, public education, and education.Countries cannot be wholly defined as socialist if they have not declared themselves as such in a constitution or through their national name. Throughout history socialism may have been practiced in many countries but the country itself has not been labeled as socialist.
Countries Declared As Socialist
People’s Democratic Republic of Algeria
Republic of India
United Republic of Tanzania
Republic of Angola
Portuguese Republic
People’s Republic of Bangladesh
Democratic Socialist Republic of Sri Lanka
Cooperative Republic of Guyana
Republic of Mozambique

Answer 2

Explanation:

don't know sorry.......................

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