Have you, or can you, give a talk about the economy in Venezuela?

Right now in the U.S. everyone, including myself until recently, thinks Venezuela is facing a collapse of socialism. But after watching a video by Abby Martin (https://www.youtube.com/watch?v=YUYWrPiUeWY&t=2s) it appears as though an "economic war" being waged on socialist policies.

Official response from submitted

I wish I had the time to devote to a proper investigation of the Venezuela situation. But of this much I am certain: the US has waged a covert war against first Chavez (recall his physical removal and return early in his government) and now Maduro. That continues a long-standing pattern in Latin America for many, many decades. How to balance that powerful fact with the impacts on Venezuela of the chaotic global oil market's volatility, the rebellion of Venezuela's upper classes against the changes pursued since Chavez first arrived, and the efforts of some other Latin American governments to take advantage of Venezuela's difficulties...that is what I wish but cannot now investigate to offer the kind of analysis that would be worthwhile.

A last suggestion: covert US govt operations against its perceived enemies have always included attention to media reports. It is wise and prudent to take especially mainstream media reports with a large grain of salt.

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  • Salvatore Zerbo
    commented 2017-07-25 17:58:23 -0400
    Hi Prof. Wolff,

    Thank you for taking the time to answer my question. I know your time is very valuable so I donated $50 for you taking the time to address my question. Thanks again, my wife and I are huge fans of your work.
  • Richard Wolff
    responded with submitted 2017-07-23 11:35:21 -0400
  • Salvatore Zerbo
    published this page in Ask Prof. Wolff 2017-07-21 18:02:44 -0400