Venezuela is a mess. Inflation is running at 70 per cent or higher and in the capital Caracas citizens have to stand in queues for hours just to pick up the basics from increasingly empty shops. This comes on the back of a decade-long oil boom in which Venezuela earned over $800 billion in oil revenues. Accusing the government of profligacy somehow doesn’t cut it.
But Venezuela isn’t just a crumbling mess teetering on the brink of economic and social collapse. It also happens to be a country in which many western leftists have over the past decade invested their hopes for a better future.
The governments of the late Hugo Chavez and now Nicolas Maduro certainly have achievements to their name. Between 1998 and 2012 there was a reduction in the poverty rate from 50 per cent to approximately 30 per cent. The closeness of the Venezuelan government’s ties to Cuba, and the ... Read More