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Petroleum was 95% of their exports, and that revenue was was around 50% of their GDP. used to gain domination of nations since WWII:“I agree with the FAO [UN Food and Agriculture Organization] and CEPAL [Economic Commission for Latin America & the Caribbean] that the so-called humanitarian crisis does not exist in Venezuela, although there are shortages, scarcity, and distribution delays, etc.” he said.Thanks for the heads up on where to locate the real information.Man, I sure would like to know how the USA prevented Venezuela's from pumping oil.Weisbrot said the U.S. has been working to topple the Venezuelan government for many years and as an example in March of 2016 Obama announced sanctions againt Venezuela, saying that they presented “an unusual and extraordinary threat to the national security of the U.S.” The corporate U.S. media didn’t bother to ask how that could be so Obama never had to explain that bit of contrived thinking. The challenge for Venezuela's manufacturing industry has been to maintain supply lines and access to market while simultaneously resisting corporate sabotage and the opposition's attempts for increased privatization. The documents she obtained showed that the U.S. government knew all about the 2002 coup that was to occur against Chavez two days before it happened.

Chavez was captured and a corporate giant, Pedro Carmona was installed as President. Socialism is about economics and politics. That may be true, but the economy is slathered with bureaucratic meddling that restricts people's freedom to do business. They even were viciously critical of the economy when it was booming from 2003 to 2008.It is important to understand that over the past 100 years and especially since the dissolution of the USSR, the United States has sought to ensure that any government, state, or society that resisted its imperial hegemony and economic influence failed. What ended up happening was that in 2014 oil prices collapsed and along with it the Venezuelan economy, OPEC refused to reduce production to increase oil prices, and US sanctions only added to the pain. Why did socialism fail in Venezuela? Economic freedom is highly correlated with prosperity, a fact that socialists angrily deny.None of those successful Latin American left wing leaders were actually socialist. Did it, or was there like, another reason? Yes the people of Venezuela did great under these times, but it was all a house of cards, Chavez didn't even reinvest in the oil production infrastructure which would eventually collapse with time.
Why did socialism fail in Venezuela? Yes. Any economy, especially a developing one like Venezuela, would be hard-pressed to absorb the shock of rapid implementation of progressive economic policies and the Chavista Government has fought valiantly in the face of external pressures.If you want real information about Venezuela, read Venezuela analysis or Telesur English.Eva’s investigation uncovered a money trail from Washington to key organizations and individuals involved in the coup. A common misconception, reinforced recently by U.S. President Donald Trump, is that the crisis in Venezuela is the natural result of a socialist system of government. best. Or A secondary or tertiary contradiction.Venezuela never had socialism.

Welfare programs that were supposed to help the poor actually increased the cost of living. Leftists try to shift the blame by saying that 70% of companies are privately owned. Why did socialism fail in Venezuela? 17 minutes ago. 70% of the economy is private.