Oil dependence. Falling production. Spiraling economy. Soaring debt. Hyperinflation. These are just some of the aptly-named “grim indicators” that led the Council on Foreign Relations to the conclusion that “Venezuela is the archetype of a failed petrostate.” Despite severe economic woes, the Venezuelan autocrat Nicolás Maduro has maintained his grip on power after claiming victory […]
Tag: Nicolás Maduro
No End in Sight for the Venezuela Stalemate
Over the past few years, the economic and political situation in Venezuela has gone from serious to cataclysmic. Under the lead of President Nicolás Maduro, the United Socialist Party of Venezuela seized nearly complete control of the country. They gutted the power of the opposition-led legislature by handing legislative authority to a “Constituent Assembly” elected […]
Venezuela’s Unintentional Regional Influence
Venezuelan president Nicolas Maduro, much like his predecessor Hugo Chavez, often appears on national television to address the country on the problems facing the nation and to boost approval ratings. However, during a television appearance in November 2017, Maduro made a very public gaffe that highlighted the growing corruption and inequality in Venezuela. During the […]
Venezuela: A Textbook Case of How Socialism Breeds Dictatorship
With the largest oil reserves in the world, Venezuela was once the wealthiest nation in Latin America. But today, it is experiencing a historic economic collapse that has forced over 2.3 million citizens to flee the country. Since 2013, Venezuela has lost a third of its gross domestic product while inflation rates have soared at […]
“Eat the Rabbits”: Venezuela’s Plan to Curb its Food Crisis
Government mismanagement of oil revenues, international debt, and rampant inflation have led Venezuela into an extreme food crisis with only one plausible solution: eat the rabbits. At least that’s the plan recently proposed by President Nicolás Maduro. This is not the first instance we have seen such a simple solution to a complex national issue […]
Venezuela Crisis: Political and Economic Conflict Lead to Nationwide Discontent
President Nicolás Maduro has faced sustained protests in the last few weeks because of both economic and political turmoil. Venezuela has been embroiled in political and economic turmoil over the past year. This situation was heightened by a recent decision by the Venezuelan Supreme Court to effectively nullify the National Assembly and take on the […]