Venezuela failed under socialism
Venezuela has the largest oil reserves in the world, larger than Saudi Arabia’s. They just can’t get it out of the ground because socialism has destroyed the pricing system and government overspending and debt has caused hyperinflation of their currency, causing it to be worthless. In 1975, the government implemented a massive welfare state to transfer wealth with the goal of “eliminating income inequality” and took control of Venezuela’s entire petroleum sector to finance the program by oil profits. Over time those living below the poverty line fell from 50.4% (1998) to 33.6% ...