The WSJ reports on two contrasting economies, free-market Colombia, and command-economy Venezuela:
Venezuela Pays Price for Smuggling
President Loses Popularity Amid Protests as Cheap Goods Move Across Border to Colombian Consumers
Stifled by inefficient state-owned factories and price controls, domestic production in Venezuela has plummeted. Moreover, the massive weakening of Venezuela’s currency makes its goods cheaper in Colombia. These factors lead to frequent shortages that make life especially trying for Venezuelans along the border, where smugglers leave little behind on store shelves.
Read the whole thing, and don’t miss the money quote, “Looking around here, you can tell why socialism doesn’t work.”