Most of the undeveloped
countries like India which became independent after the world war 2, followed blindly the blunders
of
socialism as the then communist states stood ‘shoulder to shoulder’ in liberating them from the imperialists. Trapped into the Marxist propaganda, they closed their economies to outsiders, nationalized communication and transportation networks, commercial institutions and heavy industries which ended up in heavy losses requiring huge subsidy to survive.
The system continued for years during which period they all became poorer, more isolated internationally and they towed the soviet line blindly. Of late after the fall of the USSR the scene has changed. Many of the third world
countries have embraced free market principles and prospered.
But the remnants of socialism still remain. The heavy subsidies are still pursued. The number of people who have fallen below the poverty line have not been yet fully liberated.
But the obsession with the communism is gone and there is a general feeling that prosperity can be ushered in only if private enterprises are encouraged and the society becomes democratic in every aspect.