'Fair' Profits in Venezuela

Venezuelan President Nicolás Maduro recently published a whopper of a decree: the "Organic Law of Fair Prices." Written without the consent of the legislature thanks to the extensive executive powers recently granted to him under dubious circumstances, the bill makes clear that doing business in Venezuela is a hazardous endeavor -- and not just because of the country's soaring crime rates. After a bland introduction in which it claims to seek "greater political efficacy and revolutionary quality in the construction of socialism," (sic) the bill quickly gets to the point. The first thing that jumps out is its claim to protect the incomes of all citizens ... by setting maximum profits for everything. More...