Venezuela’s Crisis Is the Latest Example of Why Socialism Doesn’t Work

It seems the “Socialism of the 21th Century” is really no different from socialism from the past.

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.

In the South American country, even the most basic services and products are becoming inaccessible as a result cronyism, interventionism, and a controlled prices policy. The government now works only two days a week in order to diminish the constant electricity blackouts. The inflation rate is the highest in the world: it is expected to be at 720 percent by the end of 2016.

Yes, you can still go to McDonalds in Venezuela—but you have to be willing to spend more than $130 for that side of french fries. And you’ll have to enjoy those $130 fries without a Coke—since the company suspended its production in...

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