Today’s guest is Francisco Toro, he is the blog editor at The Caracas Chronicles, a group blog about Venezuela.
Venezuela has all the markings of a paradise. It has a lush, tropical climate and access to vast oil reserves. And yet, the Venezuelan government has run the country into the ground. As of now, all but the wealthiest Venezuelans struggle to eat. What went wrong?
It might surprise you, given Venezuela’s current state, that the country was for many years a model Latin American country. Before 1989, Venezuela had a stable, two-party democracy. Its economy functioned when the price of oil was high, and it was free of much of the violence that plagued other Latin American nations. That changed in 1989 with an event known as El Caracazo. (more…)
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The post Venezuela, El Caracazo, and Chavism with Francisco Toro appeared first on The Economics Detective.
