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Venezuelan real salary has fallen 89.9% by March

Friday, February 10, 2017

Socialism, not oil, the cause of Venezuela’s problems

Venezuela’s economy has collapsed. Unfortunately, many people mistakenly believe Venezuela’s policies created a successful economy prior to the collapse in oil prices. The truth is that Venezuela’s socialist policies held back its economy during the oil boom and are the direct cause of its economic collapse today. Upon Hugo Chavez’s death in 2013, and before the collapse in oil prices, Salon published an article titled “Hugo Chavez’s Economic Miracle” that praised the success of his brand of socialism. More…

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