OK, yes, I admit, there is ONE way that dismantling capitalism might halt climate change. But you're not gonna like it.https://twitter.com/economics/status/1051940120688058368 …
Do you really think those failures are orthogonal to Chavez' brand of socialism? Spending tons of money = Chavez' strategy to help the poor (which was inevitably riddled with cronyism). As for not diversifying...it's hard to do without private business.
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The money spent wasn’t exclusively spent on the poor or programs for them. Their economy originally flourished but it was based on oil revenues and when that tanked the economy did too. So Venezuela was as dependent on capitalistic markets as we are.
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It's hard to imagine a more oil-dependent economy than Saudi Arabia. Yet it has taken only a very mild economic hit from the oil price drop, whereas Venezuela is a huge disaster. Why the difference?pic.twitter.com/EzBjmLt4Ax
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As stated before, Venezuela is almost exclusively dependent on oil revenues. Saudi Arabia is heavily dependent too but is a monarchy, is a big influence in OPEC and enjoys huge support from our government
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I mean, show me another oil-dependent state that has suffered anywhere near as much as Venezuela. Russia? No. Nigeria? No. Iran? No (despite massive sanctions!!). Nowhere. Only Venezuela. Your story about why Venezuela has collapsed is not a good one. It wasn't oil.
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Again a big issue is Chavez not taking the opportunity to diversify the economy
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But those other oil-dependent countries also didn't diversify their economies, and they all took only a minor hit from the oil price crash. It wasn't oil, Barry. It was "Bolivarian socialism".
End of conversation
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