When the USSR collapses in the late 1980s, so do other socialist states. After one reversal after another, socialism is abandoned by many countries and replaced by free market based economies, with the exception of a few nations.

Another option adopted by many states is social democracy. Social democracy is a political ideology of the left that continues to exert influence worldwide. Social democrats propose selective nationalization of key industries and private ownership of property and profit-making business. Social democrats also promote tax-funded welfare programs and regulation of markets.

In the 21st century, socialism has seen resurgence within developing countries in Asia, Africa, and most strongly in Latin America. The increase popularity of socialism in Latin America has been characterized by an anti-imperialist stance and the nationalization or part nationalization of oil production, land and other assets. This movement has been symbolized by Venezuela and its President Hugo Chavez. http://en.wikipedia.org/wiki/Socialism