The economic horror in Venezuela continues to unfold--the Bolivarian socialists have achieved the entirely remarkable feat of making Cubans flee the country in search of a better life. Given that non-market economies do not work this ensures the destruction of Venezuela's economy. Despite the wishful thinking that is over-represented in the media, Venezuela's economy will most likely grow for many years to come, so long as the government continues to support growth and employment. We must have a market economy because non-market economies do not work. Sure, we can then have a near laissez faire market economy like Hong Kong, or a more tax and redistribution heavy market like the Nordics, but we do have to have a market economy otherwise we'll end up with no economy at all, like Venezuela.

Source: Forbes March 25, 2017 08:41 UTC