Socialism, Not Corruption, to Blame for Venezuela’s Oil Production Drop

Some news outlets wrongly state that Venezuela's crisis is due to lower oil prices and that its oil production has collapsed due to mismanagement and corruption, claiming socialist policies are not to blame. However, what these analysts fail to understand is that widespread mismanagement and corruption of a whole industry and country are only possible within socialism. Only an economy that lacks free prices and competition, with high levels of government involvement and tight regulations can harbor government mismanagement and corruption that lead to shortages and hyperinflation.