The full quote regarding Capitalism spoken by the late Venezuelan president Hugo Chavez was: “Capitalism is the way of the devil and exploitation. If you really want to look at things through the eyes of Jesus Christ — who I think was the first socialist — only socialism can really create a genuine society.” Known for red shirts, lots of shouting and bombast, and terrible economic and social policies, Chavez was not as known for his thoughtful, nuanced statements. This one, according to Reuters, was made in 2006, a year Chavez fairly won re-election to office in a huge victory.
Within three years, however, a Venezuelan referendum removed presidential term limits and Chavez, now tipping toward dictatorial status, vowed to stay in power for at least another decade, via CFR. And a few years later (and after Chavez’s death), this take on capitalism was proved off-base when Venezuela, supposedly a socialist nation, saw its economy take a nosedive. According to data from Statista, the slide began in 2015, with the GDP falling each year. It is now below levels seen in the 1980s.
