Socialism, Not America, Made Venezuela Poor
Screenshot from YouTube video, How Socialism Wiped Out Venezuela’s Spectacular Oil Wealth, Reason TV.
As Venezuela descends deeper into chaos in the wake of a highly irregular election, fingers are being pointed, and there is a lot of speculation about just what it is that made Venezuela poor, causing more than a quarter of the population to flee the country and now about two-thirds of the population supporting the opposition protesters clashing with the police in the streets.
Apologists for Venezuela’s socialist regime claim that U.S. sanctions made the country poor. And while sanctions didn’t help, the reason the country is poor is because of the socialist policies of the Maduro and Chávez regimes. The transition to socialism and the crash of the economy all happened long before Trump imposed sanctions in 2017.
