by Tho Bishop
Mises.org
Venezuela is in a state of complete crisis. The country has been forced to face the horrors of hyperinflation, food shortages, and devastating depression. In spite of having the world’s largest oil reserves, the country has had to resort to rationing electricity. A horrifying article by the New York Times depicts the state of Venezuelan hospitals, with children dying by the day due to a lack of medicine and basic supplies.
This is the terrifying reality of socialism, the inevitable consequence of the economic policies of the late Hugo Chavez and his successor, Nicolás Maduro. Since 1999, the two socialist administrations championed price controls, nationalization of industries, and wealth redistribution.