Venezuelan economist Hugo Faría was one
of the first champions of dollarization in Latin America, even before
Argentinean President Carlos Menem implemented a currency-board system that
pegged the peso to the US dollar in the early 1990s, putting an end to decades
of inflation. In Venezuela, however, Faría preached in the desert. His country
of birth today has the world’s highest inflation and is drowning in socialist
policies that have created severe shortages. Stemming from the University of
Chicago, his ideas were always controversial in a country of orthodox
economists. More…
Friday, October 23, 2015
Venezuelan Elites Have No Liberalism, No Antidote to Chavismo
Venezuelan economist Hugo Faría was one
of the first champions of dollarization in Latin America, even before
Argentinean President Carlos Menem implemented a currency-board system that
pegged the peso to the US dollar in the early 1990s, putting an end to decades
of inflation. In Venezuela, however, Faría preached in the desert. His country
of birth today has the world’s highest inflation and is drowning in socialist
policies that have created severe shortages. Stemming from the University of
Chicago, his ideas were always controversial in a country of orthodox
economists. More…
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