Mises explained how the liberal society does not encourage isolation of individuals. In fact, “there is no conflict of interest between society and the individual, as everyone can pursue his interest more efficiently in society than in isolation.”
Industrialization and capitalism finally freed us from the starvation and deprivation of endless centuries of subsistence living. Now socialists in Venezuela have managed to reverse centuries of progress.
If we stick to the data, regardless of which socioeconomic indicator we choose, it seems clear that the sharp economic downturn began long before 2017.
In the Soviet Union, any significant goods had two price tags: one real and another virtual. One was the actual black-market price. The other was the "official" government price.
While many have been talking about Venezuela's food shortages, Cuba is now implementing a rationing program to combat its very own socialism-induced shortages of basic goods.
