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‘Why markets are to blame for global inequality’

Rupert Russell tells shocking anecdotes about hyperinflation in Venezuela, but his argument that capitalism is the primary driver of human suffering doesn’t stack up

When the journalist Rupert Russell landed in Caracas with $10,000 stuffed into his underpants, his aim was to circumvent Venezuela’s hyperinflation and tough currency controls while reporting on the survival tactics of the local population.

He saw a street vendor updating a makeshift sign multiple times each day bearing the price of his lemonade, and was presented with a 45mn bolivar bill after a restaurant meal that required two international bank account numbers: one to pay for the food, another for the tip.

He saw desperate children fighting over discarded chicken bones; and interviewed a woman who earns extra money queueing up for hours to buy scarce rationed goods at official prices, then marking them up (her commission) and selling them on.

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