This chart clearly demonstrates Venezuela’s stark economic problems. Instead of fixing the problems (socialism), Venezuela is literally attempting to pull a rabbit out of the hat by giving out rabbits to be bred and used for food. With brilliant policies like that, I can’t imagine why their inflation rate remains so high!
In a paper in the World Review of Political Economy , economists from Sichuan University propose a model for an efficient planned economy that uses a hybrid of managed, two-sided “platform” markets (modeled on Ebay, Alibaba and various app stores) and central planning informed by machine learning and big data to fairly and efficiently regulate production in a system in which all substantial assets are owned by the state. (more…)
It shouldn’t come as surprise that New York Mayor Bill de Blasio, who campaigned on fighting income inequality and wants to tax the rich to pay for public transit improvements , has a fairly dim view of private property rights. But “dim” is apparently a bit of an understatement.
Venezuela’s political crisis deepened Friday as the controversial constitutional assembly declared that it is the country’s sole legislative body, essentially dissolving the democratically elected congress. “All public bodies are subordinated to the National Constitutional Assembly,” said Delcy Rodriguez, the body’s president. “No other power can impede our decisions.” The move was hardly a surprise.
Guayana City, Venezuela—Once the Latin American country with the highest growth rate, now the poorest in the hemisphere, Venezuela is in free fall. Hundreds are dying from diseases, some of them all but eradicated, because of a shortage of medicines and vaccines.
If you’re plugged into the narrow world of online political debate, particularly in left-leaning circles, you may have heard about a war between leftists and liberals. Epitomized by the bruising primary fight between supporters of Bernie Sanders and those of Hillary Clinton, this divide has been endlessly debated, pulling in disagreements about policy, tactics, messaging, and the future of the Democratic party.
Venezuela’s descent into a socialist hell has been entirely predictable. A. Barton Hinkle writes: A thousand gleeful obituaries have been written for “Kansas’ failed experiment” with Gov. Sam Brownback’s tax cuts. But if Kansas’ economy provides a cautionary tale for supply-siders on the right, then Venezuela provides an even more stark warning for socialist sympathizers on the left.