>Price controls, seizure of private property and general thuggish incompetence have turned Venezuela into a disaster. Price controls were used extensively by T

>Price controls, seizure of private property and general thuggish incompetence have turned Venezuela into a disaster. Price controls were used extensively by Truman to regulate steel in the postwar period with decent effect. Seizure of private property was also used extensively by China and Korea, both prosperous. Finally Venezuela also suffers from extensive targeted sanctions in the period of its greatest strife (complete with Trump threatening an invasion). I dont mean to suggest policy has no effect, but the outcomes are not simple, they are complex, and external factors matter a lot to the success of individual countries. See: 1997 in Asia.