Summary of Robert Lawson & Benjamin Powell's Socialism Sucks

Please note: This is a companion version & not the original book. Sample Book Insights: #1 Venezuela was supposed to be a model of democratic socialism, but it has since fallen apart. Western intellectuals, whom Lenin called useful idiots, tend to overlook or make excuses for socialist regimes’ economic failures and humanitarian atrocities. #2 We traveled to Colombia and Venezuela to see how their economies differed. In Colombia, we met with a reporter named Julian Villabona, who helped us speak with people at the border. We crossed into Venezuela, and the only establishment there was a gas station with an attendant waiting at every pump. #3 Venezuela’s economy was once free and prosperous, but by 2014, the average Venezuelan had only about $200 more than they had in 1967. In nearly fifty years, Venezuelans experienced essentially zero economic growth, while Spaniards had seen their average income more than double. #4 Free markets and market prices convey important information. They tell consumers whether a good is plentiful or scarce, and what consumers are willing to pay informs producers and entrepreneurs what goods are most valuable.