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In recent years, Venezuela was often held up as a shining example by some Western socialists as the ultimate proof that their economic model could create a fairer society. Big names on the left, from Jeremy Corbyn to Bernie Sanders, once praised Venezuela as a socialist success story.
But when the country’s economy collapsed, when its people faced hunger, and when millions fled, those same voices grew notably quiet. Today, the narrative has shifted. Supporters who once looked to Venezuela now point to Nordic countries, distancing themselves from what they once endorsed.
The reality is that Venezuela’s tragic decline serves as a cautionary tale. It shows that simply promising “free stuff” and wealth redistribution doesn’t automatically lead to prosperity. Instead, it can lead to economic dysfunction and suffering.
In this post, we’ve unpacked how the once-celebrated Venezuelan model has become an uncomfortable silence among its former admirers. We’ve seen how the economic realities and human suffering in Venezuela stand in stark contrast to the optimistic promises of socialism. And as we look at these lessons, it’s clear that Western societies need to reevaluate the ideologies we champion. Ultimately, if we want to build fairer and more prosperous societies, we need to be honest about what works and what doesn’t, and not shy away from these tough conversations.
First, from the Manhattan Institute, there’s an analysis by Daniel Di Martino arguing that Venezuela’s crisis was primarily caused by socialist policies like nationalizations and price controls.
Second, the Fraser Institute provides a historical perspective from Fred McMahon, who notes that Venezuela’s decline started with economic mismanagement even before the full rise of socialist policies.
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