Is Venezuela proof that socialism doesn't work?

Not this question again! I've seen this for so many times that it's often amazing how people wouldn't look into something before they have decided to use it as a valid argument. read more

No, unfortunately, Venezuela is not proof that socialism doesn't work. Russia and the Soviet block and Cuba are the examples. Venezuela is a victim of years and years of corruption and mismanagement. read more

As Venezuela’s most powerful decision maker on economic issues (after the president), Salas raised eyebrows with his fun ideas, such as a belief that inflation doesn’t exist. For a country facing severe inflation, this was a slight problem. read more

Venezuela’s current tragedy, simultaneously culminating in food shortages, a crime epidemic, and an energy collapse, is the latest example of why centralized planning economy does not work—and how it is indistinguishable from tyranny. read more

So yes, I think Venezuela is proof that socialism doesn’t work, and no I don't think it can work because it contradicts a fundamental human trait, the desire to be better than the guy next to you. This is what drove us to survive as a species in the first place. read more

Hugo Chavez (the former president) and Nicolas Maduro (the current president) have turned Venezuela into one of the most miserable places on the planet. It really doesn’t get any worse except for maybe North Korea, Iraq, Afghanistan, and a few countries in Africa. The handwriting is on the wall that Venezuela will soon officially default. read more