U.S. -recognized President of Venezuela, Juan Guaido attempt to oust Nicolas Maduro failed as Maduro’s military trampled citizens.
Venezuela used to be one of the wealthiest countries in Latin America. In recent years the socialist country has been rocked by poverty, a lack of medicine, electrical blackouts, and inflation.
Brian Brenberg, associate professor of economics at The King’s College stated that this is a typical pattern of socialism.
“First of all, you’ve got to convince the people in your country that it’s all going to be different this time. This is the recipe time and again for socialism. We see it fails here, there, and everywhere, but the way we’re going to do it is going to be just fine,” he said.
Hugo Chavez who was the previous ruler, he drove away many private companies out of the country by nationalizing the economy.
Brenberg said the same demonization of wealth and business is going on in America right now.
“You look at Elizabeth Warren, you look at Bernie Sanders, you look at many others in the 2020 race, and they are out there saying, ‘Billionaires are evidence of immorality.’ Where else have you heard that? You have heard that in Venezuela. And that’s the beginning then of policies that say, ‘Get out. We’re going to push you out, we’re going to nationalize these industries,” he said.