After 17 years of economic and societal deterioration under the rule of the socialist party, Venezuelan’s took action. In yesterday’s elections, the Democratic Unity Roundtable (MUD) won 99 seats in Parliament compared to only 46 for the established United Social Party of Venezuela (PSUV).
This is a historic moment for Venezuela, which is suffering under the control of Mr. Maduro and the PSUV’s policies. Inflation is worst in the world at 200 percent and the IMF expects the Venezuelan economy to contract 10 percent this year. Currency control and manipulation is forcing factories to cut output causing shortages and leaving families without access to basic goods and services.
Voter turnout reached an astounding 74 percent, demonstrating that the people of Venezuela are fed up with the direction their country is heading under left wing rule. There are still 19 seats left up for grabs in the 167 member parliament and the MUD needs 13 more for a super majority to further loosen Mr. Maduro’s iron grip on Venezuelan society.
Tomorrow, Cedice Libertad is presenting the 2015 International Property Rights Index in conjunction with the Property Rights Alliance. Property rights in Venezuela are the worst of the 22 countries in the Latin America and Caribbean region and 125th out of the 129 countries surveyed worldwide. The index proves property rights are one of the most important pillars for societal and economic development and Venezuela’s lack thereof is a direct repercussion of socialist party rule. Getting the index into the hands of Venezuelan leaders and voters is a boon to the MUD’s chances of getting the 13 seats they need to redirect Venezuela in the right direction.
For an example of how a liberty advancing think tank like Cedice can turn a country around, click here to see how Dr. Hernando De Soto was able to do fix the Peruvian economy by strengthening property rights.