Democratic socialism combines the idea that wealth should be shared and jointly owned with the conviction that nations should be governed democratically. Although socialist democracy and democratic socialism are sometimes conflated, they are not the same.
Scandinavian nations such as Sweden, Denmark, and Norway are socialist democracies. South America is home to many democratic socialist nations, such as Bolivia and Ecuador. Venezuela was another illustration of a democratic socialist nation prior to its recent political issues.
Democratic Socialism: What Is It?
According to the New York Times, democratic socialism is a political philosophy that lies between between social democracy and communism. The economy is entirely centralised in a communist nation. The centralization typically occurs following a revolution. The communist nations of North Korea, Cuba, and Vietnam are examples.
A social democracy permits capitalism to exist. However, there are also policies in place to allocate funds and control the economy and enterprises. Democratic socialism, on the other hand, aims to concentrate the economy and abolish the capitalist element. In contrast to communism, it seeks to advance its goals by democratic procedures rather than through revolution.
Since Antonio Costa was elected prime minister in 2015, the Socialist party has controlled government in Portugal. The Social Democrat party, which had previously controlled the government, was defeated by Costa’s election.
An economic crisis that started in 2010 led to the rise of democratic socialism in Portugal. Following the crisis, there were nationwide strikes and a bailout by the European Union. Costa was re-elected as prime minister in 2019.
Bolivia was governed according to democratic socialist ideals up to the end of 2019, when Evo Morales announced his resignation as president. The nation gave some Indigenous groups more power under Morales’ direction. In 2006, Morales won his first presidential election. He attempted to extend term limits before stepping down in 2019.
Bolivia’s poverty has also reduced by more than half under Morales’ administration. According to NPR, it decreased from 36% of the population to roughly 17% of the population.
Rafael Correa, who also formed the center-left political party the PAIS Alliance, served as president of Ecuador from 2007 until 2017. The political party was democratic socialist while Correa was in charge.
Lenn Garcés, however, was elected president of Ecuador and the party’s leader in 2017. The party has shifted to the right more under Garcés’ direction. Instead of being a democratic socialist party, it has evolved into a socialist democratic party.
Before the passing of its former leader, Hugo Chavez, in 2013, Venezuela was frequently cited as a model democratic socialist nation. However, with Chávez’s passing, the nation has started to decline.
Venezuela’s Nicolás Maduro took office as leader in 2013. At that point, the nation’s economy started to deteriorate, and hyperinflation started to spread. According to the BBC, in November 2018 the nation’s annual inflation rate reached 1,300,000 %. Four million individuals or so have left Venezuela since the country’s economic crisis began in quest of a better life elsewhere.