The Economic Failure of Venezuela


Venezuela. Once the richest country in all of Latin America, it is now home to the single greatest economic downturn for a country in modern history. In terms of countries that had it easy, Venezuela, by all counts, should be at the top of the list. It’s home to the largest oil deposits in the world – easily beating out the typical oil giants like Saudi Arabia, Kuwait, and the United Arab eremites … but they squandered it.

A lot has been said about the political issues surrounding the downfall of Venezuela, and don’t get me wrong there have been plenty of political issues, but in this video, we will just focus on the fundamental economics behind Venezuela’s unprecedented rise and its devastating fall.

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References –

Weisbrot, M. and Sandoval, L., 2007. The Venezuelan economy in the Chávez years. Washington, DC: Center for Economic and Policy Research.

Boué, J.C., 1993. Venezuela: the political economy of oil.

Castillo, A.D.M., 2017. The Venezuelan State intervention in Economy (1936-2016), scope and limits. Economía

Allcott, H. and Keniston, D., 2017. Dutch disease or agglomeration? The local economic effects of natural resource booms in modern America. The Review of Economic Studies

Roemer, M., 2015, May. 11 DUTCH DISEASE IN DEVELOPING COUNTRIES: SWALLOWING BITTER MEDICINE. In The Primary Sector in Economic Development

Buxton, J., 2018. The failure of political reform in Venezuela. Routledge.

Corrales, J., 1997. Do economic crises contribute to economic reform? Argentina and Venezuela in the 1990s

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