Overview
Most people agree that Venezuela’s economy is collapsing, but why is it? Some say the country’s socialist policies are the cause. Others say socialism has nothing to do with it—that poor planning is at fault. In this video, John Stossel points out that socialism is planning— government planning—and discusses Denmark and Sweden and their move away from socialism.

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Grade level and subjects
• Recommended for grades 6-12
• Subjects: Government and Economics
• Works in Classroom, Hybrid, and Homeschool settings

What students will learn
By the end of this lesson, students will be able to:
• discuss the differences between socialist economies and market economies;
• explain arguments for and against socialism; and
• evaluate socialism’s impact on Venezuela.

Key concepts and terms covered
Socialism, Inflation, and Market economy.

Sample discussion questions
• Venezuelans voted to elect socialist Hugo Chavez, and many American celebrities agreed with Chavez’s socialist vision. Why do some people find socialism appealing? What problems do they think socialism will solve?
• John Stossel says the socialist solution to running out of money is to print more, causing inflation. Why is inflation a bad thing? What problems does it cause?
• Why have the Scandinavian countries moved away from socialism and closer to capitalism?
• Why do you think people in our country support socialism? Can’t they see the consequences? What do they see as the benefits?
• What is your opinion of socialism? Did this video change your opinion? If so, how?

What’s in the free teacher’s guide
This printable 7-page Teacher's Guide includes a lesson description, learning objectives, key vocabulary, a fill-in viewing guide with answer key, discussion and analysis questions, and classroom activities.

Standards alignment
Aligned to state standards — use the SITC Standards Tool to match this video to the standards in your state.