A global expert has warned that SA must learn hard lessons from Venezuela‚ which has plummeted into poverty since implementing land expropriation almost 20 years ago.
Sary Levy-Carciente‚ a professor at Venezuela’s National Academy of Economic Sciences‚ was in SA to launch the annual International Property Rights Index‚ which measures property rights in terms of the ability to buy property or land in various countries‚ and ensure it is not seized without compensation.
The index shows‚ among other things‚ that SA has dropped 10 places since 2017‚ the biggest drop of all countries.
Levy-Carciente said her country’s decline into poverty‚ starvation and mass emigration had started with the expropriation of land and businesses. “Then industry collapsed. Government couldn’t cope and started printing money. Money became worthless.”
Katharine Child – TimesLIVE