In a recent white paper, my Mercatus Center colleague James Broughel and I cataloged the voluminous literature that documents the symbiotic connection between technological innovation, economic growth, and human flourishing. Decades of research by historians, political scientists, and economists reveals that technological innovation is a fundamental driver of long-term improvements in well-being.
Venezuela’s intelligentsia spent much of the 20th century inculcating the population with socialist pap. If you’re not sure what that means, listen to Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez. They spout the same nonsense.
Intellectuals, educators and politicians promised that sticking it to the rich was the path to socialist paradise. As government intervention in the economy—particularly through price and exchange controls—damaged living standards, Venezuelans voted for more of it. Little did they know that by targeting the rights of successful entrepreneurs in the name of social justice, they were setting up the country to fail.