Venezuela should be a rich country; in the 1990s, it was a South American powerhouse with the world's largest supply of crude oil. And yet, over years of crashing oil prices and government overspending, the country and its economy is falling apart. Although the current President, Maduro, has enacted price controls and raised the minimum wage in order to provide relief for the poor, because of rampant inflation, these measures are mostly worthless. In order for Venezuela to address the social problems facing the country though, the government must become stable and dependable. A reality which doesn't seem possible given the current chaos between Maduro and the National Assembly.
Aug 5, 2017