What do you mean ‘till the price of oil plummeted"? The whole world plummeted in the 08’ crash. Sure the price per barrel plummeted in 2009 but the price of oil has since gone up to those early 2000’s levels…
Venezuela is an example of a petrostate, where the government is highly dependent on fossil fuel income.
Petrostates are vulnerable to what economists call Dutch disease, in which a government develops an unhealthy dependence on natural resource exports to the detriment of other sectors.
The oil price plunge from more than $100 per barrel in 2014 to under $30 per barrel in early 2016 sent Venezuela into an economic and political spiral, and despite rising prices since then, conditions remain bleak.
(Source: Council of Foreign Relations)
So yeah, socialism didn’t kill the Venezuelan economy, over-reliance on fossil fuel did.
Bruh, Venezuela has some of the dirtiest crude on the planet and lacks the ability to refine it themselves relying on American refineries which have had an embargo against importing Venezuelan oil till last year, you are so out of yout depth in global economics is laughable.
I usually liked to loosely follow the USA election cycle (and consequential debacles) but since a couple of years I have made several popcorn overdoses.
I have a solution for the gun violence problem in schools. Print simple steps on common causes and solutions to the underlying social and mental contributors. Put these up in every door, hallway and classroom in every schools. Then these poor misguided kids would have troubleshooting.
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