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Philosophy and MethodologyPrivate Property
Even if we find that property was privatized by violence back in the mists of the past, it is not the slightest proof that the abolition of ownership is necessary, advisable, or morally justified.
Venezuelan politicians hoping to replace the current regime in Venezuela mostly offer just re-treads of the failed socialism the country has endured for decades.
Financial MarketsGlobal EconomySocialism
Many still to this day will not admit that the devastation witnessed in Venezuela is a problem inherent to socialism.
Money and BanksWorld History
The Venezuelan central bank helped the regime destroy the middle class's wealth for many years.
In the era of relative market freedom, many of Venezuela's best years were during times of low oil prices. Trying to blame Venezuelan socialism's failure on oil prices only highlights how fragile economies are without markets.
Global EconomySocialismCapital and Interest Theory
Oil prices did not cause the Venezuelan crisis. Nor can oil now be its cure.
Global EconomyMoney and BanksMoney and Banking
The future of Venezuela is grim. International reserves will be depleted, monetary expansion will not pay the deficit, and inflation will continue.
As planned by Chavez, barter is indeed replacing currency transactions throughout the economy but with hardly the results the late socialist envisioned.