What are the reasons, apart from oil, for Venezuela's economy?

Hello Richard, I'm a huge fan! I was recently watching your interview on Fox Business where you were talking about Venezuela. I must say I thought the interviewers were extremely rude and you did a great job handling them. If it wasn't too much time, may I ask you why the Venezuelan economy has collapsed in addition to plummeting oil prices? I'm very curious what your answer would have been if you were only allowed to finish. https://www.youtube.com/watch?v=LqSsDCXqNO4


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  • Ross Gregory
    commented 2025-04-23 21:29:17 -0400
    As for Venezuela, from what I’ve learned (and I’d love to hear Richard’s full take too), the collapse wasn’t just about oil prices — though that definitely played a role. The country became extremely dependent on oil exports, and when prices tanked, there wasn’t much of a backup plan. On top of that, years of government mismanagement, corruption, and heavy centralization of power really made things worse. They printed a ton of money, which led to insane inflation, and nationalized a lot of industries, which discouraged private investment and wrecked productivity. https://hillclimbrace.io/
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  • Michael Cameron
    published this page in Ask Prof. Wolff 2020-10-20 06:00:48 -0400

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