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Why Venezuela’s economy boomed when oil prices were low (and why they experienced negative growth rates despite oil prices shooting to all-time highs). The regime nationalized electricity in 2007 in an effort to make electricity “free.” Unsurprisingly, this resulted in underinvestment in the electrical grid. Instead, government officials face incentives to please voters by selling products at low prices and hiring more employees than necessary, even when that’s the wrong industry decision. Venezuela was my home, and socialism destroyed it.
Venezuela’s government budget equates to around 20% of GDP. From the 10 years of military dictatorship between 1948-1958 to the impeachment of Carlos Andrés Pérez for corruption in 1993, Venezuelan politics have often been both rocky and eventful. Many in the media have blamed Venezuela’s worsening humanitarian crisis on corruption, mismanagement, falling oil prices, or U.S sanctions—anything but the rise of socialism in what was once the wealthiest country in South America. Photo by Edilzon Gamez / Getty ImagesA nonprofit, nonpartisan organization dedicated to economic research and innovative public policies for the 21st century.Yet corruption and mismanagement were the direct result of increased government control of the economy—socialism—and in reality, lower oil prices and U.S. sanctions have little to do with the crisis. With people totally dependent on the government, Chavez and now Maduro could manipulate people as they wanted -- keeping a lid on social unrest, but destroying human dignity.Explore these key issues to learn how Acton applies the principles of classical liberalism to concrete problems. Even now, the inflation rate in Venezuela is expected to reach 10 million percent this year.Though so many of us Venezuelans fled to the USA to escape from the destructive consequences of socialism, liberal politicians like Sen. Bernie Sanders, I-Vt., and Rep. José Serrano, D-N.Y., have praised the same kind of policies that produced famine, mass exodus and soaring inflation in Venezuela.Even so, liberal economist Paul Krugman recently argued in a column that “whenever you see someone invoking Venezuela as a reason not to consider progressive policy ideas, you know right away that the person in question is uninformed, dishonest, or both.”For all these problems, the regime has blamed an iguana, right-wing sabotage and even the weather.The excuses for these shortages were hollow: In reality, Venezuela has the largest proven oil reserves in the world to use for electricity, and three times more fresh water resources per person than the United States. ... after 14 years of socialist government, Venezuela — the country with the world’s largest oil reserves — is currently importing gasoline. Oil now accounts for 96 per cent of export earnings, up from 80 per cent a decade ago. The real crisis in Venezuela didn’t start with the late Hugo Chavez. Because the regime in charge imposed price controls and nationalized the most important private industries, production plummeted. A foreign currency control that aimed to reduce inflation only increased it and allowed for massive corruption. No wonder that, after 14 years of socialist government, Venezuela — the country with the world’s largest oil reserves — is currently importing gasoline. Venezuela’s problems stem from corruption and egregious mismanagement, which can happen anywhere. For many years, it was also a remarkable democracy in a region where most nations were ruled by military dictatorships. Venezuela started it longest democratic period in 1958, after the overthrow of dictator Marcos Pérez Jiménez. Now, prices double every few weeks, and the standard of living continues to plummet.My family and I suffered from blackouts and lack of water.