Two weeks ago, I discussed the state of the Venezuelan economy. Today, I’d like to provide some information about how it got there, and what it might lead to in the future. When Hugo Chavez took power in 1999, he brought in his own ideology that is known as Chavismo. Chavismo is essentially left-wing populism that, like other with other Socialist regimes, is very hostile to private business. Hugo Chavez was president for 14 years, and during that time he implemented a huge number of regulations, taking control of big businesses and centralizing decisions to the government. Small private businesses Continue reading The State of the Venezuelan Economy (Part 2)
Why do people hate capitalism so much? What’s wrong with the freedom to exchange private goods and services without major intervention by the government? What are people really saying when they denounce capitalism? First, a definition: Capitalism: an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. Synonyms include free enterprise and the free market. I take two issues with the “fuck capitalism” attitude. 1. People don’t seem to know what socialism is (but love it anyway). 2. They’re confusing capitalism for income inequality and/or commercialism. Capitalism is Continue reading What is Capitalism Really, and Why Do People Hate it So Much?