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In the fifth paragraph the article
says:
"Most of the credit
[for poverty reduction in the last twenty years]
must go to capitalism and free trade, for they enable
economies to grow - and it was growth principally that
eased destitution."
We will take a look at the country of
Venezuela which has the world's largest oil reserves and was
once the richest country in South America. But now Venezuela
has severe food and gasoline shortages and the world's
highest inflation rate at over 15,000%. "[B]asic
goods such as coffee, sugar, rice, milk, pasta, toilet
paper, hand soap, and detergent remain impossible to find".
Hospitals are without medicine, food is rationed, and people
are fleeing the country. What happened? In the last two
decades in order to help the poor, the government
took control of the economy, nationalizing industries and
controlling prices. And the economy has
collapsed.
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