Venezuela is on the brink of collapse after decades of socialist rule. Inflation is out of control, food in short supply and gangs are taking control of the streets. In attempt to stop an outright collapse President Nicolas Maduro has declared a two month state of emergency.

The country’s currency is in freefall and the cost of imported goods has skyrocketed causing shortages in basic necessities such as food, toilet paper and medicine. Inflation is expected to reach 700% this year and 2,200% in 2017.

Despite having larger oil reserves than Saudi Arabia the style of socialism introduced under Maduro’s predecessor, Hugo Chavez, has clearly failed. Billions of dollars have been squandered on ridiculous and unnecessary projects. The country spent $45 million last year on F1 driver Maldonado, a racing driver more famous for outrageous crashes than winning races.

Socialism in the 20 century has failed time and time again. Although its proponents promise equality and security most of the time we end up with tyranny. Like a good ponzi scheme it has early success and the fails under an ocean of debt.

As the global economy stalls socialism is on the rise. Bernie Sanders has gained considerable support in the democratic presidential race and Jeremy Corbyn received the public vote when becoming labour leader. When people are struggling it’s not surprising politicians can be elected on a platform of providing everything to everyone.