February 08, 2021

Socialism's Failure in Venezuela

James Doogue

Hugo Chavez promised redistribute Venezuela's wealth from the rich, to the poor. His socialist agenda was admired by left wing politicians around the world such as US Presidential nominee, Democrat Senator Bernie Sanders, UK Labour leader Jeremy Corbyn, and of course, Cuban President Fidel Castro.

Venezuela was the wealthiest society in South and Central America. It is now a poverty stricken, dictator lead, failed state.

Chavez, and his hand-picked replacement Nicholas Maduro demonstrated to the world once again, nationalised, central command economies make everyone poorer. Even when you start with great wealth and the world's largest oil reserves.

As you will see in this short video, the failure in Venezuela had nothing to do with crashing oil prices. Venezuela now don't even refine their own oil. They import refined gasoline from Iran!

Average people in Western capitalist economies are being taught the politics of envy. Left wing politicians make them question why they aren't as wealthy as others.

Voters are being convinced the reason they aren't wealthy isn't because other people were luckier, or have studied harder, worked longer and harder, or at least had parents who did so. Their lack of wealth is because of inbuilt inequality in the system. An inequality which can be resolved by a democratic socialist government.

Left-wing politicians are doing what Hugo Chavez did. They are demonizing the wealthy, and telling voters the government can forgive their student loans, give everyone a house, free health care, generous welfare, free college education, and it can all be paid for by more taxes on the wealthy.

In the West, left-wing politicians are also usually extremely pro climate-action and the environment. This means they say they can achieve all the above mentioned give-aways, while at the same time, closing down fossil fuel extraction, mining and other development and high CO2 emission industries.

They essentially want to do what Hugo Chavez did to Venezuela, while closing down the profit making, tax revenue producing industries which might have some chance of paying for it.

Chavez didn't deliberately close industry. It was a natural result of his nationalist, price fixing and high tax policies.

In the West, this 'Green New Deal', has the same wealth distribution objectives of Chavez, while deliberately closing down major resource and manufacturing industries.

That doesn't paint a great picture of the future for the West as nearly every Western country lurches to the Left. Which makes China and Russia super happy.

Posted by: Timothy Birdnow at 08:56 AM | No Comments | Add Comment
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