Young Democrats are excited about socialism. They are rallying behind mayoral candidates like Zohran Mamdani in New York and Omar Fateh in Minneapolis, as though these democratic socialist politicians had something new to sell.

They do not.

Socialism has been around for a very long time, and it has consistently failed everywhere it has been tried. It has failed in countries such as Venezuela and Mexico. It has also failed in U.S. cities and states that have adopted leftist policies of the very sort proposed by these newcomers.

Most recently, it failed spectacularly in Bolivia, where the ruling leftwing party Movimiento al Socialismo was just voted out of office for the first time in 20 years — excluded by voters from the upcoming presidential runoff election.

Why did citizens of that small South American country revolt? Because inflation is at 25 percent — a 40-year high — foreign exchange reserves have nearly run out, the country is short of fuel and medicines and the government is scrambling to pay its debts.

Bolivia's socialist government followed socialism’s doctrines, nationalizing key industries, weakening private property protections, expanding the wasteful state and imposing a crushing tax system, causing it to be ranked 150 out of 190........

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