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The Failure Of Russia

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History has proven the inferiority of the economic systems that are not free-market oriented. People starved all over Europe due to lack of food produced before the Industrial Revolution and the application of capitalism. Governments practicing socialism and communism like China, Russia, and North Korea ended up starving their citizens because their economies were so awful. Look at Russia as an example. Russia is rich in natural resources and is the largest country in the world, yet many Russians have starved in the last century. Andrew Bernstein has some information about the failure of Russia’s economy. Bernstein has taught philosophy at universities all over New York and has a Ph.D. in philosophy. He lectures regularly and has spoken …show more content…

While the total amount of economic aid sent to the Soviet Union is unknown, “... it is known that America alone donated 700,000 tons of foodstuff” (Bernstein). Even with all of the aid, the U.S.S.R. could not keep itself together or support its failing system. Poverty could have been avoided, but Russia would not implement capitalism.
Another example of economic potential wasted by socialism is Venezuela. Venezuela has the largest oil reserves on Earth, yet their economy is failing because of their socialist policies. Many Venezuelans can not even afford food. Venezuelan money has become worthless due to skyrocketing inflation rates. At one point, it was actually worth less than virtual coins in the game World of Warcraft, and these coins spawn infinitely. If a currency is created infinitely, that means it is barely worth anything. Hyperinflation like that is never good for an economy, let alone hundreds or thousands of percent inflation. A good inflation rate for economic growth is about one to three percent. At least countries that existed before the implementation of capitalism could not have avoided starvation like Venezuela and Russia could. Europe has utilized capitalism and opened up markets some, and has improved reasonably. Europe had a lot of

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