What’s wrong with the Venezuelan economy?

free market crayons

OK, Venezuela is a mess, but what’s the reason? Here are a few recent stories to remind us that there are at least some paying attention. But these are mostly about what is happening, not why it’s happening.

Venezuela Drifts Into New Territory: Hunger, Blackouts and Government Shutdown…

80% of basic products in short supply…

Venezuela Is Falling Apart

Venezuelans on the food and economic crisis blighting their daily lives

How Venezuela’s socialist dream collapsed into a nightmare

My question is, do people any longer even understand what the problem is and why things are working out this way? The country has more oil than Saudi Arabia and yet its economy is disintegrating. It seems to me that if you vote for the Greens, and possibly Labor, you are a prime candidate to take your country in a Venezuelan direction with not a clue in the world about what you are doing wrong.

BTW an extraordinarily clever cartoon.

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