The wholesale failure of socialism in Venezuela “underscores” the inefficiency of a centralized economy, and that is why socialism cannot create wealth, much less redistribute wealth. In fact people are leaving Venezuela by whatever means possible for the same reason people had left Cuba and the Soviet Union in past years.
There is no pure capitalist or socialist countries. Most countries have some free market — Capitalist — principles, but also have some broad social benefit — Socialist— principles. Some countries are just leaning more in one direction or the other.
In reality all countries are a mix of both principles. But, the principles of a free market Capitalist system has provided better results in many countries by balancing and integrating the structure of their economic elements which has benefited the needs of their citizens, whereas the management of the economic system of socialism, being a non-market economy in which the government intervenes in allocating goods, resources and determining prices for its citizens, lacks the free market —Capitalist— principles to create the needed wealth to benefit its citizens.
What is now happening in Venezuela, and what has happened in Cuba and the Soviet Union in past years has substantiated the facts that capitalism “outscores” socialism.
— James Christodolou, Rome