Answer: The former Soviet Union is an example of a socialist system. They transitioned from a capitalistic to a socialistic government until 1991. Cuba is an example of a socialist nation. Its economy is state-run, and it lacks a stock exchange. In a capitalist state, the economy is largely free from state control, while the government is democratically elected and freedom of speech is cherished. In contrast, a communist state is administered from the centre, with control of the economy and society strictly in the hands of the Communist Party-led government.
