In the 1950s, Venezuela enjoyed its place among the top 10 richest countries on a per-capita basis. How has it turned into a country where more than 2.3 million of its 30 million citizens have fled since 2015 due to starvation? A toxic mix of creeping interventionism, institutional decay, private property seizures, irresponsible fiat monetary policy, and wide-ranging corruption are the main culprits. But Chavez wasn’t the instigator of this mess; the story goes back much further and should serve as a cautionary tale about one country’s faithful adherence to the tenets of socialism to the bitter end.
You can read the full article “Venezuela and the Paradox of Plenty: A Cautionary Tale About Oil, Envy, and Demagogues” at Ammo.com.
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