Failed Economies: As Zimbabwe locked down following a military coup this week, Venezuela defaulted on its debt. On the surface, these events in these two countries — one African, the other South American — seem to have little in common. But, in fact, they share two very big things: Both are socialist, and both are failed states.
Indeed, both nations are near collapse, suffering from hyperinflation, economic contraction and widespread hunger. What's most alarming about this is that both countries have been, in the recent past, highly successful as capitalist economies. Today they are basket cases, Marxist-inspired dictatorships that were systematically run into the ground by their socialist leaders.
In Zimbabwe's case, just 40 years ago it was the richest and most productive country in Africa. Today, it is an utter disaster. This week, after 93-year-old Marxist dictator Robert Mugabe who has led the country since its independence in 1980 tried to position his wife to be his eventual successor, the military stepped in, removing Mugabe from power and putting him under house arrest. Mugabe's wife has fled the country.
"What is clear is that Zimbabwe's economy has collapsed under Robert Mugabe," noted the Sky News website.
Yes, the case against Mugabe's special brand of African socialism is convincing.
Zimbabwe's Coup, Venezuela's Default, And The Ongoing Failure Of Socialism
Indeed, both nations are near collapse, suffering from hyperinflation, economic contraction and widespread hunger. What's most alarming about this is that both countries have been, in the recent past, highly successful as capitalist economies. Today they are basket cases, Marxist-inspired dictatorships that were systematically run into the ground by their socialist leaders.
In Zimbabwe's case, just 40 years ago it was the richest and most productive country in Africa. Today, it is an utter disaster. This week, after 93-year-old Marxist dictator Robert Mugabe who has led the country since its independence in 1980 tried to position his wife to be his eventual successor, the military stepped in, removing Mugabe from power and putting him under house arrest. Mugabe's wife has fled the country.
"What is clear is that Zimbabwe's economy has collapsed under Robert Mugabe," noted the Sky News website.
Yes, the case against Mugabe's special brand of African socialism is convincing.
Zimbabwe's Coup, Venezuela's Default, And The Ongoing Failure Of Socialism