Robert Gehl reports the socialist utopia that is Venezuela is sinking fast. By comparison, its neighbor Chile – which abandoned socialism 40 years ago – is thriving.
It’s an interesting tale of two contrasting economies, Reason Magazine reports. And they give five good examples of how Capitalist Chile is much better than Socialist Venezuela.
1. Income per person increased as economic freedom increased. Between 1975 and 2015, Chile’s per capita income went from being one-third of Venezuela’s to 138 percent. In that same period of time, Chile’s economy grew by 287 percent and Venezuela’s shrunk by 12 percent.
2. Chile’s infant mortality rate was one-third higher than Venezuela’s in 1975. Today. It is half as much. Twice as many babies die within the first six months of life in Venezuela.
3. Life expectancy in Chile has shot past Venezuela as well. In 1975, Venezuelans lived longer – today, Chileans live seven years longer on average.
4. The number of people who survive to 65 or longer in Chile has quickly surpassed Venezuela’s – and their private sector social security system functions much better.
5. Finally Venezuela, which was one of the freest countries in the world in 1975 is now one of the least free. Chile, on the other hand, is now one of the freest countries on the planet.