Socialism of the 21st century
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Socialism of the 21st century is a revisionist, reformist movement popular in countries situated in Latin America. Socialism of the 21st century disregards fundamental principles like the dictatorship of the proletariat, socialist revolution, etc. and instead seeks to gradually reform bourgeois democracy from within. In this respect, socialism of the 21st century can be regarded as a form of social democracy.
Application
Latin American countries such as the Plurinational State of Bolivia and Bolivarian Republic of Venezuela have been ruled by parties described as following socialism of the 21st century, i.e. Movement for Socialism and the United Socialist Party of Venezuela.