Venezuela

>>127195524

Lots of reasons. Incompetent leaders, Cronyism, wanting to be communist with no industry, etc...

>>127195718
Could you explain them please

>>127195524
1) they had a bunch of wealth
2) "what should we do with this?" they asked themselves. "give it to the poor" they said
3) money is frittered away by the poor instead of being used by capitalists to make more money
4) "wtf! why isn't our economy growing? i thought if we took all the oil money and converted it into welfare and gave it to the poor without conditions, the poor would improve themselves of their own volition and everyone would just decide to put in the effort to make the country better! i did not foresee that they would just soak up the resources and remain poor and helpless"

>>127195524
http://www.reuters.com/article/us-venezuela-bread-idUSKBN16O09Z

>>127197092
Not exactly what happened.

>Finds oil. Yay we are gonna be rich!
>Nationalize it and make, short-sighted welfare reforms, instead of using it to fix structural problems, make long sighted welfare investment or at least just save a bit of it
>Become totally dependent on the oil, without any industry or other revenue sources.
>Oil market is shit
>Country goes to shit


This is my understanding.

>>127195524
read confessions of an economic hitman and you'll realize whats happening

>>127195524
- Political failure even before Chavez, although they didn't fall in a dicatorship in 60's-70's. They were what Brazil is now (see impeachment of Carlos Andres Perez)
- Oil caused Dutch Disease on them (my former Professor went to Venezuela for the first time 30 years ago and only back then the first bakeries were starting their business - before that they used to IMPORT BREAD FROM FUCKING MIAMI)
- Your shale oil and gas is fucking them for good.

>>127195524
socialism never works.

>>127196947

>incompetent leaders

Everyone knows you need smart people at the top. It really doesn't matter what ideology they have, you need administrators and finance experts leading a govenment to succeed. Venezuela drank the commie kool aid so hard that they thought an idiot with no higher education and no knowledge about govenment could be the president. Even the puppet masters behind him are idiots. They led the country down to its demise while filling their pockets when they could've built one of the most prosperous nations in the region when oil was at an all time high.

>Cronyism

Dumbass leaders appoint their equally incompetent buddies to positions of power. I can stress how stupid these people really are. Imagine your average sjw but born and educated in the third world. In the end the government was filled this kinds of people.

>wanting to be communist without industry

Need I say more? Venezuela has no agricultural industry so it has to import food from countries like mine. More than 80% of its population lives in the cities, so there is no self sustaining food production there. It even has to import energy despite having all that oil. Why?
Because instead of investing in infrastructure and businesses like all mayor oil giants in the world they decided to derp around with their dumbass ideology, spending billions on military equipment for God knows why, not taking advantage of their resources. And then it all came down with the fall of oil prices.

I could go on but I think that's all for those 3 points.

The problem was it wasn't true socialism

>>127197527
Yeah, that's what I meant, I just tried to express it in meme terms. They took their free money and pissed it away as welfare instead of re-investing it to make more money, which I think is broadly a problem with socialist vs. capitalist societies.

>>127197813
>muh it's actually America's fault
Nice meme

>>127199375

>I swear, this time it will work, JUST. ONE. MORE . TIME. PLEASE

>>127195524
Next time we'll just use more socialism.

>>127197527

Wrong, they still are sitting on the largest oil well on the planet. Chile has no natural resources. Chile is rich. Chile is capitalist. Venezuela is poor. Venezuela is socialist. These people have government rationed toilet paper, it isn't a sane way of operating.

What is money? Money is a claim on value. It is exchanged for value. How then, can you give people money while they produce no value for doing nothing and still claim your money has value.

It's the exchange rate that fucked venezuela since they have no domestic production and import everything.

>>127200493
I will never understand why these antifa commies glorify for socialism. Just look venezuela, cuba and former soviets. They are all absolut shitholes.

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The fact that true communism has never existed changes nothing, because it's still clear that an increase in social ownership results in a decrease in efficiency. The most developed countries are the ones that have historically practised private ownership. It also has a lot to do with culture and religion.