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Venezuela was once the 4th richest nation on Earth. It now stands as the largest economic collapse of any nation in modern history. It has the largest proven oil reserves on the planet yet its citizens are now starving. In many ways Venezuela's Economy and Citizens act in reverse to traditional economic theory. So what happened? Why is Venezuela's Economy so Terrible?

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Contents of this video
00:00 The Strangest Economy on Earth
03:03 Venezuela Strikes Oil
04:49 The Dutch Disease
08:00 The 4th Richest Nation on Earth
11:58 Why Democracy Failed
12:54 Too Much Money
15:19 The Beginning of the End
18:38 Hugo Chaves
19:46 21st Century Socialism
25:13 The Worst Economic Collapse in History

Sources used
Crude Nation by Ral Gallegos
Why Nation Fail by Daron Acemoglu and James A. Robinson
Authoritarianism and the Rentier State Venezuela and Nigeria Authoritarianism and the Rentier State Venezuela and Nigeria
Thomas, V. (2003). The economic history of Latin America since independence (2nd ed.). Cambridge, U.K.: Cambridge University Press.
Colonialism in the land of Bolivar: An analysis of institutional persistence in Venezuela Stefan MartinezRuiz
https://www.economist.com/financeand...
https://www.economist.com/theeconomi...

#VenezuelaEconomy #Venezuela #LatinAmerica #Economics #SouthAmerica