cannot yet say that economic policy in
Venezuela is sensible but we can say that one economic policy is now, finally,
sensible. The law hasn’t changed as yet but it appears that the government is
allowing price controls on food to wither away. As a result there is now food
in the shops in those areas where the withering is happening. This is in accord
with the basics of the standard, possibly even neoliberal, economics of such
things. When things cost what they cost then they are available. When prices
are fixed below what they cost then things don’t exist. It’s obviously a pity
that has taken years of dearth for the Bolivarian socialists to understand this
most basic part of econ 101 but they do seem finally to have got there. More…
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