Venezuela: How and Why Did It All Go So Wrong?

Venezuela was, until relatively recently, one of the richest countries in Latin America. Due to its vast oil reserves, and the revenue they brought in, they were able fund food subsidies health care and education programmes. Under the presidency of Hugo Chavez (1999–2013) unemployment and poverty halved and personal incomes doubled. Chavez nationalized the oil industry and used the profits for welfare programmes. Chavez dies in 2013 and was replaced Nicolas Maduro, who continued with the spending programme. However, the price ...