There is no more recent example of the many theoretically apparent pitfalls of socialism coming to life than in Venezuela. The South American nation is but the latest example on the long list of countries to have fallen victim to the siren’s song of a socialist utopia. While over the past decade journalists like Michael Moore, politicians like Bernie Sanders and economists like Joseph Stiglitz have praised the so-called socialist “economic miracle” in Venezuela, with hyperinflation now leading to starvation and millions fleeing the country, it is inarguable that these praises were premature and wholly unwarranted.
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