Doug French of the Ludwig von Mises Institute compares the problems inherent with government intervention in the free market.
He begins by looking at the coffee industry in Venezuela, which at one time rivaled Colombia, still the No. 2 world producer behind Brazil. But even though Venezuela is blessed with the required porous soil and perfect climate, today it produces less than 1 percent of the world’s coffee — not even enough to satisfy its own population.
French writes that despite having the best beans and the perfect conditions to grow them, Venezuela is almost out of the coffee business.