Not the Onion: Venezuelan Government Outlaws Unfair PricesSubmitted by Allegory on Sun, 01/26/2014 - 22:40
Mérida, 24th January 2013 (Venezuelanalysis.com) – A law limiting costs, prices and profit margins across the Venezuelan economy came into effect yesterday.
The law is designed to prevent over-pricing, speculation and other abuses against consumer rights which have been occurring in the South American country.
It was drawn up by President Nicolas Maduro after problems with Venezuela’s currency control system and what officials argue is an “economic war” being waged by anti-government business sectors have created economic imbalances for consumers such as high inflation and shortages in some basic products.
Political opponents and economists critical of the government blame currency controls and “excessive” state regulation for the economic problems.
In a national broadcast yesterday Maduro said that the Law for the Control of Fair Costs, Prices and Profits establishes guarantees for the “harmonious and balanced” development of the national economy.