Venezuela is forever cited as an example why socialism does not work. But, it is perhaps corruption that has led to the country's downfall, as much as anything.
What corruption?
Think of President Nicolas Maduro's three stepsons and others, involved in a network of bribery and money laundering that has taken money from the people through a fee-for-food distribution program known as the CLAP.
Think of Maduro and his associates and their theft and embezzlement of billions of dollars through drug smuggling and illicit removal of gold from the Venezuelan Central Bank.
Think of Maduro's cranking up the central bank printing presses, thus devaluing the money supply, while the money printed served to support himself and his associates.
Think of how he allowed the infrastructure and oil production facilities to deteriorate while the money that should have been spent on them went for his personal gain.
Was the collapse of Venezuela due to socialism? Strong argument remains. Still, realizing much of the decline of the nation was due to corruption makes it wrong to look at where Venezuela has ended up and blame it all on socialism.
(Note: Blog edited and the last paragraph added 7/15/20)
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