Why Venezuela's Economy is so Terrible

Sponsored by Blinkist: Use my special link to start your free 7 day trial with Blinkist and get 25% off of a Premium membership: https://www.blinkist.com/casualscholar Venezuela was once the 4th richest nation on Earth. It now stands as the largest economic collapse of any nation in modern history. It has the largest proven oil reserves on the planet yet its citizens are now starving. In many ways Venezuela's Economy and Citizens act in reverse to traditional economic theory. So what happened? Why is Venezuela's Economy so Terrible? Support the Channel!   / casualscholar   -Contents of this video------------------------------- 00:00 - The Strangest Economy on Earth 03:03 - Venezuela Strikes Oil 04:49 - The Dutch Disease 08:00 - The 4th Richest Nation on Earth 11:58 - Why Democracy Failed 12:54 - Too Much Money 15:19 - The Beginning of the End 18:38 - Hugo Chaves 19:46 - 21st Century Socialism 25:13 - The Worst Economic Collapse in History -Sources used-------------------------------------------- Crude Nation by Ral Gallegos Why Nation Fail by Daron Acemoglu and James A. Robinson Authoritarianism and the Rentier State - Venezuela and Nigeria Authoritarianism and the Rentier State - Venezuela and Nigeria -Thomas, V. (2003). The economic history of Latin America since independence (2nd ed.). Cambridge, U.K.: Cambridge University Press. Colonialism in the land of Bolivar: An analysis of institutional persistence in Venezuela Stefan Martinez-Ruiz https://www.economist.com/finance-and... https://www.economist.com/the-economi... #VenezuelaEconomy #Venezuela #LatinAmerica #Economics #SouthAmerica