From Jeff Jacoby’s recent Boston Globe column “As socialism shattered Venezuela, the useful idiots applauded“:
Socialism invariably kills and impoverishes. Gushing oil revenues amid a global energy boom could temporarily disguise the corrosion caused by a government takeover of market functions. But only temporarily. The Chavez/Maduro “Bolivarian revolution” has been economic poison, just like every other Marxist “revolution” from Lenin’s Russia to Kim Il Sung’s North Korea to the Castros’ Cuba. By shredding property rights, dictating prices, and trying to control supply and demand, socialist regimes eventually make everything worse and virtually everyone poorer. Conversely, when governments protect free markets and allow buyers and sellers to interact freely, prosperity expands.
HT: MJP