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.
Btw, did you mean millenials or Gen Z? Some of us elder millenials are 40 or older now, a fact that Gen X and Boomers sometimes have trouble remembering…
The Italian Liberals of the 20s adopted a “wait and see” approach, leaving the outnumbered socialists, anarchists and communists to fight both the fascists and the loyalists alone. Then when it was clear that the fascists were winning, the Liberals joined them.
I suspect that the 30s Social Democrats of Germany were similarly irresolute (though didn’t join before they were forced to) when dealing with the Nazi threat. Centrists tend to be, whether center-right like the Italian Liberals or center-left like the German Social Democrats.
I sit corrected, then. Should have known better than to think Social Democrats as useless as liberals in fighting fascists tbh, given what we’re seeing today…
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cross-posted from: feddit.de/post/7744436
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