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Both right-wingers and centrists love to point to Venezuela as evidence that socialism doesn& #39;t work. But here& #39;s the thing; these claims don& #39;t hold up under even the slightest bit of scrutiny. (
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Firstly, while Venezuela does have its share of state-owned enterprises, it has not abolished the private ownership of the means of production.
They do have roughly $700,000 workers employed in worker cooperatives, though, which isn& #39;t much compared to the 14 million in the U.S.
They do have roughly $700,000 workers employed in worker cooperatives, though, which isn& #39;t much compared to the 14 million in the U.S.
As of 2014, just 29% of Venezuelan workers were employed in the public sector. Norway, by comparison, employs 38% of its workforce in the public sector. Even Singapore has as much as 32%.
People in Norway pay almost 55% in taxes and they have the 3rd highest tax rate in the world. In comparison, Venezuel& #39;s tax rate is just 25%, which is slightly below the United States.
In the 80s, under neoliberal policies, inequality in Venezuela was higher than it is today and capital was concentrated in a handful of sectors. Chavez redistributed wealth, improved housing, increased pensions, and reversed the privatization of healthcare and education.
Ultimately, Venezuela& #39;s economic problems are a result of an over-reliance on oil, making it extremely vulnerable to fluctuations in global oil prices, inflation, and international sanctions led by the U.S., which the UN has condemned in a report released earlier this year.
