Here There Be Pirates: The Rise of Illicit Economies in Venezuela

The increase in piracy off the Venezuelan coast comes at a time of economic and political turmoil in Venezuela. Government institutions, weakened under former ruler Hugo Chavez, have disintegrated further under President Nicolas Maduro. The state-controlled economy, already struggling under the demands placed on it by Chavez’ state-spending, is in free fall under Maduro’s mismanagement. The democratic checks and balances that may have limited the negative impacts of Chavez and Maduro’s policies have long been rendered ineffective. More…