What Caused Venezuela’s Tragic Collapse? Socialism. – Reason.com

The government sets the price of staples such as rice, pasta, and flour, resulting in chronic shortages. Former President Hugo Chavez nationalized industries, confiscated property, and kicked out foreign companies. The government is trying to print its way out of the crisis, resulting in a 700 percent annual inflation rate. After a sham election, President Nicolas Maduro, the handpicked successor of Hugo Chavez, is rounding up his opponents and putting them in jail.

http://reason.com/reasontv/2017/08/10/lessons-venezuelas-tragic-collapse