Since Chile became a democracy in 1989, this South American country has been the most successful economy in its region, by far. A region constantly overwhelmed by social unrest, political turmoil, and staggering levels of income inequality and extreme poverty.

Pope Francis has manifested on numerous occasions his anti-capitalist vision of the world. In his latest encyclical, entitled Fratelli Tutti, Francis argues that the COVID-19 crisis exposed inherent problems of the free market system.

On Tuesday, Maduro proposed new legislation that encompasses the privatization of the oil industry, the possibility of returning expropriated companies to their original owners, and the free trade of strategy goods, such as fuel.

“Do you see these men with their eyes closed and heads tilted?” My uncle asked my brother and I.

The main constraint for growth in Venezuela is not related to market failures nor any purely economic issue, but to the political institutions of the country. As a result, Venezuela exemplifies that the economic issues of most nations are a result of their bad governance.