Trying to explain economics to progressives is like trying to explain to a flat-earther how a satellite orbits the planet.
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.
Capital and Interest TheoryOther Schools of Thought
Ever since winning the Nobel Memorial Prize in “Economic Science” in 2001, Joseph Stiglitz has been a one-man advocacy band for growth of the state.
As Venezuela shows, the abolition of federalism and other forms of decentralization have often been a prelude to a turn toward socialism.