Venezuela was once one of the richest countries in the world, then it decided to go off the gold standard and nationalize its oil industry. You'll never guess what came next...
mises.org/wire/history-v…
mises.org/wire/history-v…
In the 1950s, Venezuela was the richest country in Latin America, and the fourth richest country in the world.
Just because socialism leaves societies destitute does not mean it only happens to destitute societies. It can happen anywhere!
Just because socialism leaves societies destitute does not mean it only happens to destitute societies. It can happen anywhere!
In 1974 Venezuela stopped defining its bolivar in gold terms. In 1975 it nationalized the oil industry. In the 80s gov't went bust, bolivar collapsed, people impoverished, and socialist nutjobs became increasingly popular.
Today, they're in late stage socialism, i.e starvation.
Today, they're in late stage socialism, i.e starvation.
