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.
Beautiful (lemmy.ml)
Trans meme (lemmy.zip)
Froda (feddit.de)
cross-posted from: feddit.de/post/7744436
Apparently I Bob Ross'd it (lemmy.world)
One of my extremely rare OCs and why I don’t make the damn memes.
what if.. (lemmy.world)
No soap. It makes the children too slippery. (startrek.website)