Venezuela’s economic collapse was a murder, not a suicide

Medium - 04-23

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I’ll examine 3 possible explanations for Venezuela’s poverty:. Venezuela was already poor before they tried socialism. In the 1950s, dictator General Jimenez administered Venezuela as an oil-rich banana republic in servitude to international capitalists. Venezuela was prosperous on paper, with the 4th-highest GDP per capita in the world, but this measure obscures the fact that “per capita” is calculated by dividing the wealth among the population. In reality, a few elites were filthy rich and most people were very poor.