Is socialism to blame for Venezuela’s never-ending crisis? Venezuela’s recent presidential election has done nothing to end the country’s profound political, economic, and social crisis. Inflation is spiralling out of control , oil production is plummeting , foreign assets have been seized , there are serious shortages of food and medicine, tens of thousands are fleeing the country , and the incumbent government of Nicolas Maduro has increasingly weakened the country’s democratic instruments to cling to power. The natural question in a country that boasts the world’s largest proven oil reserves is, how did it come to this? Many have latched on to a simple answer: socialism. But is it really that simple? Oil prices and policies The underlying causes of Venezuela’s hydra-headed crisis are economic, relating especially to oil and the foreign currency that it brings into the country. The proximate cause of the recent turmoil is undoubtedly […]