Inflation in Venezuela is expected to hit 1,000,000 %. 90% of the population is in poverty.
For the life of me, I cannot comprehend why people still think socialism is the way to go. Socialism has killed 100,000,000 people in this 75 years. Why should we try it again? Help me understand your thinking.
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ANSWERS: 1
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When a President wants to be legally insulated from anything and everything he might do while in office, that sets up democracy to degrade into an oligarchy. Venezuela's problem, having gone from that extreme to another, is their singe product economy - reliant on the price of oil. Oil is a declining industry, just as coal has been for the past 100 years.
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Archie Bunker Oil wasn't a declining industry in Venezuela until they nationalized it. -
mushroom They don't control the world market. Oil money enabled Venezuela to pave over their problems at $100/barrel, but not as much now at $50/barrel. Their economy has no other product to fall back on. -
Archie Bunker No, they didn't control the market but they were a big player, being one of the founding countries of OPEC. Chavez screwed that up for them and Maduro is continuing down the same path.
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