What is the difference between a Free Market economy and a Socialist economy? In a free market economy the natural forces of supply and demand naturally set prices, and individuals are free to choose what they will produce, buy and/or sell, and they are free to negotiate prices.
In a socialist economy the force of government imposes prices, and government dictates what will be produced, what will be sold and who is permitted to buy specific goods and services.
Venezuela has a socialist economy. The Venezuelan people are currently protesting the government's high-priced and increasingly scarce food supply.
The Venezuelan government also seized (i.e. stole) a General Motors' factory in that country, taking it over from its foreign owners.
"General Motors has stopped doing business in Venezuela after authorities took control of a factory in what GM called an illegal judicial seizure of its assets.The plant was confiscated on Wednesday as anti-government protesters clashed with authorities in a country that is roiling in economic troubles such as food shortages and triple-digit inflation."
http://www.fox5ny.com/news/249663443-story
In a socialist economy the force of government imposes prices, and government dictates what will be produced, what will be sold and who is permitted to buy specific goods and services.
Venezuela has a socialist economy. The Venezuelan people are currently protesting the government's high-priced and increasingly scarce food supply.
The Venezuelan government also seized (i.e. stole) a General Motors' factory in that country, taking it over from its foreign owners.
"General Motors has stopped doing business in Venezuela after authorities took control of a factory in what GM called an illegal judicial seizure of its assets.The plant was confiscated on Wednesday as anti-government protesters clashed with authorities in a country that is roiling in economic troubles such as food shortages and triple-digit inflation."
http://www.fox5ny.com/news/249663443-story