The country that proves a command economy and socialism do not work

NY Times:

Energy Prices Rise, but Venezuela’s Oil Firm Nears Collapse

The company’s deepening troubles threaten to further destabilize a nation facing a dire recession and unbridled crime, as well as food and medicine shortages.
It is impossible for even smart people to make a command economy work as efficiently as a market economy. 

Trying to predict how many eggs and slices of bacon are needed in New York City every day would be an impossible task that markets do every day with no guiding hand.  Multiply that times every item produced and sold and it becomes an even more impossible task because managers are not nimble enough to adjust prices to fluctuating demands as well as production to react to demands.  A command economy is all blunt force nonsense and it becomes even worse when those managing a command economy are not intelligent, to begin with.

Venezuela has leaders with fat heads and fat bellies at the top while everyone else starves and the cash cow oil business falls apart from lack of maintenance because they ran off the people who knew how to operate it.  Most of the smart people are leaving the country, or have been thrown in jail, rather than endure the incompetence of  Maduro and his gang.


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