How is a Free Market economy different from a Socialist economy? In a free market, individuals are free to set prices as they see fit. In a socialist economy, the government regulates prices. How has that worked out for the people of socialist Venezuela?
"Back in 2015, I mocked Venezuelan socialism because it led to shortages of just about every product. Including toilet paper.
But maybe that doesn’t matter. After all, if people don’t have anything to eat, they probably don’t have much need to visit the bathroom.
The Washington Post reports that farmers are producing less and less food because of government intervention, even though the nation is filled with hungry people....
Here’s where we get to the economics lesson. When producers aren’t allowed to profit, they don’t produce.
And when we’re looking at the production of food, that means hungry people."