Venezuela’s history has not always been plagued by political division, soaring inflation, power cuts, food shortages and a mass exodus of its population seeking refuge. Once, it was a resource-rich country with one of the most competitive economies in South America. In addition, free elections in Venezuela were once the norm though now rare.The late President, Hugo Chávez, introduced socialist policies in an attempt to curb inequality. Unfortunately, many policies backfired, such as the government’s price ceilings. It set these controls in order to make goods more affordable to the poor. The limits had an unforeseen negative effect. They dissuaded businesses from producing more goods since they no longer could make a profit. The expansion of welfare programs, aimed at tackling poverty, ended up costing more than the Venezuelan government could handle. The government printed more money, thus driving up inflation. By Miska Salemann. Full Text-> BorgenMagazine