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What kind of government does Venezuela have now?
Today, Venezuela is a poor country and a failed and criminalized state run by an autocrat beholden to a foreign power.
When did the economy of Venezuela begin to decline?
But this explanation is also insufficient. Venezuela’s decline began four decades ago, not four years ago. By 2003, Venezuela’s GDP per worker had already declined by a disastrous 37 percent from its 1978 peak—precisely the decline that first propelled Chávez into office.
Why did Venezuela go to a failed state?
The drivers of Venezuela’s failure run deeper. Decades of gradual economic decline opened the way for Chávez, a charismatic demagogue wedded to an outdated ideology, to take power and establish a corrupt autocracy modeled on and beholden to Cuba’s dictatorship.
What was the cause of the crisis in Venezuela?
If socialism cannot be blamed for Venezuela’s demise, perhaps oil is the culprit. The most calamitous stage of Venezuela’s crisis has coincided neatly with the sharp fall in international oil prices that started in 2014. But this explanation is also insufficient.
Last Update: Oct 2021
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