by Dan Mitchell | Aug 25, 2024 | Blogs, Economics, Free Market, Socialism
About 10 days ago, I showed that Milton Friedman was a much better economist than Joseph Stiglitz by comparing Chile (which followed Friedman’s ideas) and Venezuela (which followed Stiglitz’s ideas). It was a slam-dunk win for Friedman. Chile started poor and...
by Dan Mitchell | Aug 14, 2024 | Blogs, Economics, Free Market
I’ve repeatedly praised Chile’s pro-market reforms (see here, here, and here) and I’ve repeatedly condemned Venezuela’s shift to socialism (see here, here, and here). But if you don’t have time to read all those columns, this chart from...
by Dan Mitchell | Jul 30, 2024 | Blogs, Economics, Socialism
What’s the most unfortunate country in the world? North Korea? Zimbabwe? Cuba? Those are three good answers, but another option is Venezuela. Just a few decades ago, it was the richest nation in Latin America and life seemed very nice. But then the...
by Dan Mitchell | Jan 31, 2024 | Blogs, Economics, Free Market, Socialism
I’ve written critical columns about the failure of Venezuelan socialism and I’ve written laudatory columns about the success of Chile’s free markets reforms. Today, let’s compare and contrast what has happened to...
by Dan Mitchell | Mar 23, 2023 | Big Government, Blogs, Economics, Socialism
In Part I of this series, I documented the dramatic decline in living standards ever since socialists took power in Venezuela. In Part II, I compared Venezuela’s decline to the other Latin American nations, particularly the success story of Chile....
