The Economic Failure of Venezuela

Venezuela. Once the richest country in all of Latin America, it is now home to the single greatest economic downturn for a country in modern history. In terms of countries that had it easy, Venezuela, by all counts, should be at the top of the list. It's home to the largest oil deposits in the world – easily beating out the typical oil giants like Saudi Arabia, Kuwait, and the United Arab eremites ... but they squandered it. A lot has been said about the political issues surrounding the downfall of Venezuela, and don’t get me wrong there have been plenty of political issues, but in this episode, we will just focus on the fundamental economics behind Venezuela's unprecedented rise and its devastating fall.