‘Savage Capitalism’ Takes Hold In Crisis-Hit Venezuela

After years of expropriations, hyperinflation, bankruptcies and financial collapse, what remains of Venezuela’s private sector might be forgiven for giving up hope, the Financial Times reported. But business people in Venezuela say the economic crisis in the South American nation has hastened moves by President Nicolás Maduro’s government away from the full-blooded socialism of his predecessor Hugo Chávez towards a freer market. “As business people we have wanted free prices and a free flow of dollars for many years,” one senior executive at a consumer goods said. “Now prices have effectively been freed and you can pay with dollars.” Venezuela had “adopted savage capitalism,” he added. Ministers have not officially announced policy changes and were not available for interviews. Read more