For years, Venezuela has been one giant economic laboratory, its 32 million citizens reduced to guinea pigs. The Maduro regime has been condemned worldwide (except by Jeremy Corbyn, who rang Maduro to congratulate him on his election victory and refuses to denounce him). Maduro’s latest experiment is telling, and may well lead to greater economic catastrophe and even massive famine.
Socialist principles are at stake: if the economy will not behave, issue edicts. If money is short, then borrow — or print — more of it. If prices are rising, enforce price freezes. Venezuela is imposing a huge version of ideas that Corbyn has been proposing in miniature. The world can now see the results.