Socialism Factbook

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Socialism has never worked, wherever it has been tried.

The consequences have been broadly as harmful as the implementation has been faithful, with the very worst from Marxist and Stalinist communist regimes.

It has led to unspeakable human tragedy, with millions of lives lost under brutal dictatorships. It has bankrupted countries and paid scant regard for taxpayers.

One only has to look to Venezuela to see what hardline socialism is truly about, and how unattached it is from social democracy.

It is also plain to see when you compare a socialist country with its neighbours. Look at the wealth, prosperity and freedom of South Korea. Bright lights, positivity and a world-leading economy that embraces technology stands in stark contrast to North Korea.

But it’s not just other places that have felt the negative effects of socialism. British taxpayers who were around in the 1970s will remember all too well the damage caused to our own economy.

Those who don’t learn from history are doomed to repeat it, though, so today’s taxpayers should be mindful that the tax burden is the highest it has been for 50 years.

Taxpayers should never be used as the cash cows for failed social experiments.

Economic freedom is vital in promoting both personal and national prosperity. Many former
Soviet countries have successfully broken free of the shackles of communism. Lithuania and Estonia embrace low taxes and technology, and deliver first class public services as a result. We should learn from them.

We must make this case. And we must help usher in an era of respect for taxpayers.

Full list of sources

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Freedom House, Freedom in the World 2018: Cuba, 2018,, (accessed 4 February 2019).

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CIA, World Factbook: North Korea, 2019,,  (accessed 4 February 2019).

CIA, World Factbook: South Korea, 2019,, (accessed 4 February 2019).

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CIA, World Factbook: North Korea, 2019,,  (accessed 4 February 2019).

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Holmes, F., New President Good News for Argentina And Latin America, Forbes, 1 December 2015,, (accessed 6 February 2019)., Children of Venezuela’s elite including ex-leader Hugo Chavez’s daughter flaunt wealth, 2019,, (accessed 5 February 2019).

Sequera, V., Venezuelans report big weight losses in 2017, Reuters, 21 February 2018,, (accessed 5 February 2019).

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CEPAZ, Complex Humanitarian Emergency in Venezuela, 11 October 2018,,   (accessed 5 February 2019).

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International Monetary Fund, Inflation rate, average consumer prices, 2019,[email protected]/WEOWORLD/VEN, (accessed 6 February 2019).

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Wink, C., Yes, Lithuania might just be the mid-sized innovation cluster you’ve been looking for, 2 February 2018,,, (accessed 8 February 2019).

Heritage Foundation, 2019 Index of Economic Freedom, 2019,, (accessed 11 February 2019).

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Rotten WiFi, What Countries have the Best Public WiFi?, 17 December 2014,, (accessed 6 February 2019).

Schulze, E., How a tiny country bordering Russia became one of the most tech-savvy societies in the world, CNBC, 8 February 2019,, (accessed 11 February 2019).

OECD, Table I.1. Central government personal income tax rates and thresholds, 2019,, (accessed 11 February 2019).

IMF, Real GDP growth, 2019,[email protected]/EST, (accessed 12 February 2019).



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