Venezuela’s ruined agricultural industry
Closely following the steps of their Cuban idols, Chavismo has managed to ruin one of the leading agricultural producers in out hemisphere, which has taken a dive, along with the country’s industrial output.
Overall, Venezuelan imports have quadrupled since Mr. Chávez took office, to $59.3 billion in 2012 from about $14.5 billion in 2000, according to Venezuela government figures and economists at Barclays PLC. Exports to Venezuela from the U.S. hit $12 billion in 2011, up 16% from the previous year, the latest U.S. government figures show.
That’s what happens when you move from a demand economy to a command economy.
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