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It does have some aspects of socialism for needed services. But it has a capitalistic economic system based on free enterprise. Therefore, it is impossible it is socialistic.
Pure socialism is the government controls all aspects of business. There is no free enterprise. No one can own a business nor profit from it. All profits go to the state. It is a system that is wrought with problems, one of them being stagnation, because it takes away all incentive to excel.
The socialism I pointed to in the first paragraph, needed services are things like medical, police, fire, infrastructure (a combination of state and capitalism working side by side), military, schools, etc. All capitalistic countries have such socialism to varying degrees.
The one aspect of socialism that is used in capitalism is controls. Those controls are put in place so as not to allow the rich to take over the lower classes. With things like anti trust laws, monopoly laws, controls of how services are rendered, such as banking, communications, even the big guy buying up all of one type of business thus making a monopoly.
Unfettered capitalism is just as bad as unfettered communism and socialism. In the case of capitalism it will eventually result in a small upper class, no middle class and a vast poor class. That is why places like China, France, Cuba and Tsar Russia went through revolutions and is the biggest reasons all capitalistic countries have government control of capitalism.
Pure free marketers don't seem to understand that greed is a very powerful ally and that human nature, not theory is the denominator that takes over. A good example is Karl Marx, his theories ignored human greed and the lust for power. Another example is today, the decontrol of banking plus the government belief that free enterprise would be responsible helped create the mess we are in. People like Alan Greenspan has since admitted that was a huge error.
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