The New York Times reports today that in Venezuela, with the world’s largest proven oil reserves, food has grown so scarce that three of four citizens have lost weight involuntarily.
Venezuela’s economy, so the Times reports, shrank by 10% last year. That’s worse than the contraction of the economy of war-torn Syria.
Inflation in 2016 is estimated at 720%, rendering the national currency, the bolivar, nearly worthless.
Unrestrained free-market capitalism has obvious flaws. As we work to correct them, let’s not lose sight of its benefits, including a copious bounty of tangible goods enjoyed even by those of limited means.