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Third World

Economics/Politics/World

Venezuela’s Economic Collapse: A Process 50 Years In The Making

In recent times, Venezuela has been the object of many headlines across the globe that detail its current economic predicament. Once Latin America’s most stable country, Venezuela is now experiencing a historically unprecedented economic and social collapse. How did such a nation awash with bountiful oil reserves and numerous decades of democratic stability stoop to such levels of misery? The conventional narrative typically points to Hugo Chávez’s arrival to power in 1998 as the main catalyst of Venezuela’s economic decline.  Quantitatively speaking, Chávez’s presidency was responsible for the largest economic downturn in the country’s history. Through an unprecedented number of expropriations, capital controls, and price controls implemented by the Chávez regime, Venezuela went from a regional leader to a veritable basket case. The aforementioned policies and their negative consequences remained intact under Chávez’s successor, Nicolás Maduro. Despite the abundance of evidence demonstrating the Chavista governing apparatus as the clear culprit of Venezuela’s recent turmoil, there is much more to this story than meets the eye. History has shown that… Keep Reading

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