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Venezuela, a nation blessed with the largest oil reserves in the world, has shockingly transformed from a potential powerhouse to an economic disaster. In this video, we dive into the mismanagement that led to a collapse so severe that international agencies stopped tracking it. Explore how internal failures and external pressures pushed this once-promising country to the brink, and whether there’s any chance left for a recovery.
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Lol Smaug
As an Iranian I find this claim hard to believe.
The title should have been “The Failure of Socialism in Practice”. The economy wasn’t mismanaged, it was run exactly as promised. The failure is just the inherent result.
Wait – price controls on groceries don't stop inflation and instead cause shortages?
The geopolitical environment that Venezuela exists in is completely different from countries like Norway, Canada, and the US. So much so that I think a comparison is a bit pointless. I don’t think this video really explains or even attempts to describe some of the nuance of living in a wealth center like Europe, surrounded by both water and pacifists, and no nearby economic powers that consistently meddle in domestic politics via sanctions and attempts at regime change. I understand this is an economics channel but it’s a bit disappointing to see this kind of one-sided analysis…
Reson why it failed so hard. Centrally planed socialists economy.
Venezuela is the single most mismanaged economy in the world."
Will someone PLEASE tell kamala!?
America is solely to blame for the plight of Venezuela. Just as it is for Cuba. Within a few years those two will become power houses. Totally opposed to American hegemony. People all over the globe will remember the US genocide. Their influence is over!!
It's called socialism.
Zcela nekompetentní parta idiotů mi tady doporučuje video o nekompetentním idiotovi z druhy strany světa 😂😂😂😂😂😅🎉
Cirkus par excellence 😂😂😂😂😅
Ouch, trying to whitewash the effect of the largest superpower to ever face the world sanctioning Venezuela's economy because they refuse to bend the knee to US corporations taking their resources makes me rethink how your bias shapes this channel's reporting. Anyone who wants to learn more about this corruption should read Anya Parampil's new book
Please, put subtitles in spanish to your videos
They really could have been a Scandinavian-style social democracy, but Chavez had to go full Castro. Like Mike’s “We had a good thing!” speech in Breaking Bad.
do one of colombia please
After the collapse of the present government, it should be written into the Constitution of the new government that this period in Venezuelan history should be taught in elementary school, every year in high school, and two full-semester classes in college.
I hope Venezuela served as a good example for politicians tempted to play "wizard" with their economy for populist reasons.
Using a credit card instead of debit card is more environmental friendly!! https://www.youtube.com/watch?v=yihuGzgBvU0
Communism at it's finest lol
the difference could be compared to thieves, that takes what they want{venezuela} and someone who invests its savings for a rainy day future.{norway}
Don’t forget folks. You can vote yourselves into socialism but never vote yourselves out of it.
So basically, they owned nothing, and they were happy. Until they weren’t.
It's so sad dude.
Never expected to hear "69…nice!" in a reputable economics video. Nicely done, mate!
No amount of wealth can sustain a society that believes in "The Most Dangerous Superstition" (Larken Rose). This politics of "Democratic Socialism", i.e., authoritarianism/collectivism is self-destructive. It is inhuman, unmanageable, unrealistic, immoral. Examples? EVERY govt. worldwide is collapsing, at varying speeds, depending on the degree it practices coercive govt.
Venezuela has been a rentier society since its founding. That’s why it couldn’t manage its oil wealth to save its skin. And it explains why it choose the economic policies that it did. That also explains why it won’t turn itself around, until the Venezuelans change their rentier attitude.
A bit of this video should have covered the oil boom of the 1970s, and how that lead to policies that eventually put Chavez (and his system) into power.
There is no better real life model for the world of Atlas Shrugged than the events that occurred in Venezuela over the last 30-40 years.
Lol. You should check Nigeria out.
you mention the non-consequential sanctions. Here's the real sanctions crippling the Venezuelan economy: August 2017, the Trump administration imposed sanctions which prohibited Venezuela's access to U.S. financial markets, and in May 2018, expanded them to block purchase of Venezuelan debt.
Communist managed that the country with the biggest oil reserves in the planet, has a gasoline shortage.
69th "Nice" made me lol
"Making it the 69th.. nice, largest" We are all children, aren't we?
OIL ? 🦅🇺🇸🦅🇺🇸
You'd think that a big country that might need it's own cheap oil would just sweep in and take over. Make more money than back in the colonial days.
Never forget the 'Gas Gas Gas' Inflation meme.
I grew up in an anti-business society. I lived with "proud, god-fearing, tax paying, patriots", e.g., "true believers" in "The Most Dangerous Superstition" (Larken Rose).
I was taught by my communist father and grandfather, given books by Marx & Engles. I studied the "Communist Manifesto". I read no pro-capitalist books, heard no advocates, lived in a pro-socialist political environment, e.g., the USA, 1950's.
I am a nerd, born finding math wonderful, a beautifully logical escape from a chaotic world, a society of violent hypocrites, who defended their irrationality with physical force, the minute their weak contradictory arguments failed. I learned from experience. I was physically attacked at 8, 9, and 13 in public school for asking questions and pointing out the contractions in the answers. Afterward, I was expelled. Having no one to defend capitalism and strongly influenced by my parents, my teachers, toward authoritarianism, I became non-violent, anti-authoritarian, pro-individualist, e.g., a capitalist. Later, in my 20's, I found the economic school of thought that verified my choice, "The Austrian School of Economics". It was there all along, but repressed, not taught, kept hidden by "the powers that be". Only intellectuals who value truth have searched and found the efficacy of the free market and non-violence in life.
Just in case you thought this channel was pro-social programs.
I’m sure the fact that Venezuela’s average IQ is ~87 and Norway’s is ~103 has nothing to do with it
any Nation and government that is ally of Venezuela is making a dire mistake