Having just won a second term as Venezuelan President in 2007, Hugo Chavez announced that he was going to transform the country into a communist utopia by nationalizing the country’s major industries including oil.
Of course, bureaucrats are barely capable of operating governments much less a private corporation. Despite having some of the world’s largest oil reserves, within a few years Venezuela was forced to buy oil and gas off other countries as its oil industry collapsed. People were starving to death and taking to the streets protesting the country’s the lack of food, water, medicines and jobs.
Thirteen years later, the government has finally come to it senses. Recognizing that communism has only brought poverty to the nation, the government has been forced to return businesses back to the private sector in an effort to restart the economy.
The Foundation of Economic Freedom explains:
Nearly a decade and a half later, on the brink of mass famine and a growing energy crisis, Venezuela is now moving in the opposite direction.
According to Bloomberg News, Venezuelan president Nicolás Maduro has quietly begun transferring state assets back into the hands of private owners in an effort to reverse the country’s economic collapse.
“Saddled with hundreds of failed state companies in an economy barreling over a cliff, the Venezuelan government is abandoning socialist doctrine by offloading key enterprises to private investors, offering profit in exchange for a share of revenue or products,” write Caracas-based journalists Fabiola Zerpa and Nicolle Yapur.
Of course, many in America, including members of Black Lives Matter, are trying to push the US towards socialism.
With history littered with failed communist economies, Venezuela also provides another illustration of the definition of insanity provided in a document produced by Narcotics Anonymous in 1981: “insanity is repeating the same mistakes and expecting different results.”