Marxist Economist Begins to Realize that Marxist Economics Does Not Work

You’d think that the lesson would have taken earlier:

Venezuela’s economic failings are turning it into the “laughing-stock” of Latin America, according to late president Hugo Chavez’s top economic planner.

Former Finance and Planning Minister Jorge Giordani, who was sacked in mid-2014 by Chavez’s successor, Nicolas Maduro, said in an interview this week that reforms in the South American OPEC nation are years overdue.

“We should have taken measures from Oct. 7, 2012,” Giordani told local website, referring to the date of Chavez’s last presidential election victory. Chavez, who was president for 14 years, died of cancer in 2013.

“In truth, we are almost the laughing stock of Latin America,” Giordani, 75, said. “If the situation is bad, if the thermometer is at 40 degrees, there are those who blame the thermometer … We need to acknowledge the crisis, comrades.”

It’s nice to see the beginnings of wisdom, but of course, it ought to be noted–as it is at the end of the story–that Giordani still hasn’t fully grasped that he is part of an utterly unworkable system:

However, “of course we must defend the revolutionary government … and the construction of socialism,” he added, in the face of “fascist” threats from Venezuela’s domestic opponents and the United States.

How much more does the situation have to deteriorate before Giordani finally understands that Venezuela’s most dangerous opponent is its own government?

As always, it is worth remembering that all of the bloggers who once had really nice things to say about chavista Venezuela–in part because they liked the fact that Hug Chávez went to the United Nations and called George W. Bush “the devil”–are really quiet now that it is clear that Chavismo is a failed ideology.

One Reply to “Marxist Economist Begins to Realize that Marxist Economics Does Not Work”

  1. “The free market is not a creed or an ideology that political conservatives, libertarians, and Ayn Rand acolytes want Americans to take on faith. The free market is simply a measurement. The free market tells us what people are willing to pay for a given thing at a given moment. That’s all the free market does. The free market is a bathroom scale. We may not like what we see when we step on the bathroom scale, but we can’t pass a law making ourselves weigh 165. Liberals and leftists think we can.” —P.J. O’Rourke

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