Capitalism vs Socialism: Lessons from Chile and Venezuela
As widespread protests continue into their fourth month, one thing has become very clear: Venezuela’s experiment with socialism has been a resounding failure. The annual inflation is more than 80,000 percent and it is estimated that almost 90 per cent of Venezuelans now live in poverty. Mass food shortages mean that the average Venezuelan has lost over 11kg in weight, despite Maduro’s own waistline continuing to expand. The government’s murder squads fanned out throughout the capital, assassinating the ruling regime’s opponents. However, it’s important to remember that conditions in Venezuela haven’t always been this tragic.
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*This piece was co-authored with Dr. Marian L. Tupy.