Venezuela, the world's test tube country, when it comes to economics. And, from what I read, if we go no further than Venezuela, capitalism works, and as soon as socialism comes along, the economy declines.
Venezuela was a dictatorship through the years it rose to great economic power, but its economy remained largely unfettered from government interference -- capitalistic. Then, democracy won out and guess what came with it?
Would you believe socialism?
And, from what I can tell, Venezuela's economy went into decline about the same time.
What is a surprise to me is that socialism has been around so long in Venezuela. I wondered if it didn't wait to get its foot till Hugo Chavez came to power in 1999. But, no, socialism in that country goes back many more decades, getting its foot, I believe, with the first democratic government.
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