Venezuela is just a crying shame. It should not be like this. No place should, but particularly a country with such vast natural wealth.
But funny thing about socialism, it always fails, it’s just a matter of degree. Implement some socialism and get some eventual failure. Implement a lot of socialism and get a lot of failure. Implement total socialism and get total eventual failure. Socialism has a half life determined by how long the wealth of a country can be milked by a political class. Socialism doesn’t adapt to markets like the free market does. Socialism is slow and heavy, full of bureaucracy, and rules, and manipulated by self serving commissars. Free enterprise is nimble and quick and it regenerates itself. It is a sustainable economic “system.” Socialism is fundamentally unsustainable.
And as the powers that be in a socialist system cling to power during the inevitable demise, the temptation is always to oppress the people. That’s what we see in Venezuela.
(From The BBC)
Venezuela has the world’s largest proven oil reserves. When socialist President Hugo Chávez was in power, from 1999 until his death in 2013, he used oil money to finance social programmes.
But the opposition says much of the income was lost to mismanagement, patronage, and corruption.
Critics accuse Mr Chavez’s successor, President Nicolás Maduro, of using increasingly authoritarian tactics as the economy collapsed, prompting hundreds of thousands of people to flee abroad.
Last year dozens of protesters were killed in clashes during protests against hyperinflation and food shortages.