Venezuela: A Cautionary Tale
1st November 2015
To make a case against the viability of a modern socialist state—particularly one that relies on exporting natural resources—one need only point to Venezuela. Since President Nicolás Maduro ascended to power following the death of Hugo Chavez, the country’s economy has spiraled into a meltdown replete with shortages of basic commodities, depletion of reserves, pawning of fixed assets, and hyperinflation north of 100 percent annually.
The foundational principle of socialism is theft. A political system that does not respect the right of property will respect no other right, and eventually descends into kleptocracy as government workers accrue all power and status to themselves. Venezuela is merely the most recent poster child for this inevitable truth.