It seems to me that in places in Africa and Asia – and now Russia and Venezuela – food price controls come into being when food prices (currently increasing and likely to do so for many years, according to the World Bank) place staples out of reach of the poor. Politically, elected representatives feel compelled to do something, or be seen as doing something – such is the nature of the democratic process.

Yet the outcome is, as you and others suggest, temporary relief from inflation and an increased risk of criminal activity (plus the unfair punishment of producers and retailers, as some term it). Long term, the market has its way.

Commentators such as The Economist suggest that the only policy option is to let the market sort it out. There will be short-term pain, but in the end it will all be okay. Many seem to agree with this – I’m not sure whether you are among them. In a rich country this would be fine – we just go without a few things. But in Caracas slums or villages in east Africa, going without may well mean starvation or family disintegration.

So anyway, I am interested to know what policy approaches you would sugest in times when food prices are so high that the poor – the real poor – cannot afford staples. Thanks.

they will not do it. it will loose the romantic feeling that they get when they talk about how good ‘La Revolucion Bonita’ is. when they have to deal with hunger, health issues and more death by deliquency than Irak while the goverment dont care about it and dont do squat to fix these problems. I will like to let evryone know that the Republica Bolivariana de Venezuela is giving ‘papers’ (ID) to anyone who ‘needs’ it to stay in the country, so if they want to experience first hand what ‘La Revolucion Bonita’ and ‘El Socialismo del Siglo 20′ is they can go there and live 12 months.

Secondly, it is amazing how many Americans revere Chavez. My political science professor is one of them. However, I also have a philosophy professor who is actually from Venezuela, and teaches philosophy of law. He can’t stand the guy. Probably one of the only conservative/classically liberal professors I’ve had or will ever have. I dare all of Chavez’s supporters to spend time there and I bet they will feel the same.