Venezuela's socialist policies made the entire economy dependent on the wisdom of the state. When the state erred, it meant a much more systemic collapse than would otherwise have happened. If the private sector had been allowed to retain a significant role in the economy, the economy would have had more decorrelated economic forces, which would have made a systemic collapse less likely.
>>I'm not sure where you're getting the idea from other than the oft-repeated myth that Socialism is merely when the government "does stuff".
When Venezuela's economic ministers say things like "the law of supply and demand is a lie" to justify price controls, I assume it's motivated by their socialist ideology, and blame the policy on that ideology.
>>I'm not sure where you're getting the idea from other than the oft-repeated myth that Socialism is merely when the government "does stuff".
When Venezuela's economic ministers say things like "the law of supply and demand is a lie" to justify price controls, I assume it's motivated by their socialist ideology, and blame the policy on that ideology.