Quote from: Poker Player on Today at 07:21:56 AM

I think the tendency of the country to self-destruct would not have been much different even if there had been no US intervention.

The fundamental problem is oil. The huge abundance of oil in Venezuela is both its blessing and its curse. If a country has one overwhelming source of wealth, then naturally it focuses on that to the exclusion of everything else. The endemic poverty in Venezuela is I believe a direct consequence of its oil wealth. Its over-reliance on oil is an example of the economic phenomenon known as the 'Dutch Disease'. For example, Venezuela produces only 30% of its own food supply.

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Dutch disease is a concept that describes an economic phenomenon where the rapid development of one sector of the economy (particularly natural resources) precipitates a decline in other sectors. It is also often characterized by a substantial appreciation of the domestic currency. Dutch disease is a paradoxical situation where good news for one sector of the economy, such as the discovery of natural resources, results in a negative impact on the country’s overall economy.

_{https://corporatefinanceinstitute.com/resources/knowledge/economics/dutch-disease/}

In the '70s, when oil prices were high, the capitalist-run country was thriving.
In the '80s, oil prices dropped, and poverty hit hard. The country had bet everything on oil, and had no plan B to fall back on. There was unrest. Capitalism had apparently failed. People wanted change, and so...
In the '90s, they elected a socialist, Chavez, who would bring about a new, more equitable system of governance, end the inequality, and bring back wealth to the people.

I do believe that in general Chavez was well-intentioned, but he didn't manage Venezuela in a sustainable way. Maduro then inherited the problems of Chavez... problems which in large part Chavez inherited from the previous capitalist regime... which were due to the abundance of oil.

US involvement is part of the reason for the problems of Venezuela.
The current regime is part of the reason.
But beneath everything, oil is the cause.