So let me explain the chart below
Chile is Capitalist ie free markets; target is equal opportunity for all
Venezuela is Socialist ie government controlled markets; target is equal outcomes for all. Chile once poorer is now richer than Venezuela…Venezuela has probably the largest deposits of crude oil in the world. ..so riches are not based on crude oil….
NO government can create a job…ONLY the private sector can…all the government can do is redistribute .
Socialism has never made any nation rich, please note a capitalist nation can have an extensive social welfare programs eg Denmark, that does not make them Socialist. Socialist government are governments that set prices eg N87 for petrol, that own economic assets eg NNPC and even influence economic decisions like setting exchange rates for the economy. The worst mixture is a Socialist government that is pursuing a welfare agenda like Venezuela
Socialism driven welfare aka government free stuff only works when government has cash eg oil cash…once cash runs out, it crashes. South America embraced Socialist governments…Argentina, Brazil and Venezuela all elected socialist welfare states. …their economies have all crashed..the voters have rejected the Socialist and elected capitalist governments in Venezuela and Argentina ….in Brazil they want to impeach the Socialist welfare President.
So this is a cautionary warning to governments that are planing to borrow and spend on free stuff like allowances to unemployed people, its a monumental fiscal error….a waste of scarce cash
Nigerians needs jobs not allowances…
Its our problem. ..we can fix it