Venezuela

And while Venezuela might be “oil-rich,” it’s become socialism-poor. To the point that they’ve run out of toilet paper. 

It's too funny!

Without markets, they'll never know how much of it to produce, or what its price should be.  And that goes for every product and commodity.

Other than details like that, centrally-planned economies work wonderfully! Their strong suit, of course, is Fairness -- before long, everybody is equally poor.

But even that isn't true, as the political elite -- the Planners -- always do very, very well for themselves.

It's the Economics of the Terminally Stupid.

Byron