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The Perils Of Relying On "Oil Socialism"
Posted by Pejman Yousefzadeh on Thu Nov 15, 2007 at 12:13:54 AM EST
Not that Hugo Chavez will pay attention to this. But he should. Strange as it may seem to say this at a time when oil is flirting with the $100 per barrel mark, the price of oil will eventually come down, and it will come down dramatically.
When that happens, a Chavez-led Venezuela will be left high and dry . . . unless market competition is returned to the Venezuelan economy.
Sadly, that does not seem to be in the cards. And while dictators like Chavez will remain insulated from the shocks administered to the Venezuelan economy through his mismanagement, the Venezuelan people--who lack the luxuries available to dictators--will suffer mightily thanks to Chavez's disastrous policies.
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