Venezuela can't repeal the law of supply and demand

Venezuela's finance minister has acknowledged that the economic policies of late President Hugo Chavez and his successor are yet to be successful.

Nelson Merentes said the government had "improved" the living standards of many Venezuelans, but not solved the "structural problems" of the economy.

Generous government subsidies have slashed poverty and inequality.

But Venezuelans are suffering from the highest inflation in Latin America, sluggish growth and shortages.

"This is a government that has won 18 elections, that has had social achievements," Mr Merentes told Televen television.

"But it still has to be successful on the economy."

He said laws had to be reformed to stimulate growth.

"We need to enter a route of stable growth... and go through years where all economic factors are growing."

Many poorer Venezuelans have benefited from the country's immense oil wealth through Mr Chavez's social programmes,

But his government's monetary policy, nationalisation of key industries and management of public funds have been blamed for high inflation, under-performing industry and shortages of basic supplies.
All the government of Venezuela has really proven is that command economies suck.  All of the travails they complain of are the result of people of limited intelligence trying to out smart the market place and failing miserably.  They can't escape the fact that socialism and its attempt to repeal teh laws of supply and demand leads to shortages and rapid inflation.


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