There is no shortage of media coverage of
the economic crisis that Venezuela is currently facing. Once a regional
powerhouse, Venezuela is a lurid case study of the failure of socialist
economic policies. One needn’t look any further than the results of the
numerous price and currency controls implemented by the late Hugo Chávez, and
current President Nicolás Maduro, to comprehend Venezuela’s dire situation. Scarcity
of basic goods, such as toilet paper and diapers, a shortage of plane tickets
for those who dare to flee the country, and a national currency that is barely
worth more than monopoly money are the fixtures of Venezuela’s 21st-century
socialist economy. More…
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