Venezuela Quietly Loosens Grip on Market, Tempering Economic Crisis

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'This is anarchy in the bad sense of the word.' Venezuela's socialist regime is loosening price controls, and some in the old guard are upset.

CARACAS, Venezuela—President Nicolás Maduro’s authoritarian government, long a practitioner of tight state control of the economy, has quietly and cautiously begun implementing free-market policies to tame hyperinflation and correct an economic contraction worse than America’s Great Depression. So far, that approach is providing a sliver of light to the moribund economy.

In recent months, the regime has scaled back its once frenzied printing of money, nearly ended frequent salary hikes, and largely stopped enforcing the price...

 

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