Current Events > can a right winger explain why venezuela fell apart besides 'SOCIALIZM'

(+) Yeah! (+)

like can they go into greater detail why socialism destroyed venezuela, allegedly

i know the real answer venezuela fell apart but i want to hear the facts and logic of "socialism bad"

645AR posted...

like can they go into greater detail why socialism destroyed venezuela, allegedly

i know the real answer venezuela fell apart but i want to hear the facts and logic of "socialism bad"

well, socialism wasn't good for jobs, economy and dow jones so therefore socialism ruined everything

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Oil.

The whole economy was staked on oil.

When US oil production from shale oil came online, that cut into the global demand for imported oil.

Then in response, Saudi Arabia increased production to drive the price of oil down and make North American producers less viable. That hurt Venezuela as well because they weren't making as much.

Once the country started hurting from loss of revenue, the corrupt government lost the faith of the people and all hell broke loose.

So yeah, it was oil and corruption mostly.

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Nationalization, price controls and some good old fashioned corruption. The usual stuff.

if i'm not mistaken - please correct me if i'm wrong

• expensive state programs that don't seem to yield real returns
• tanking petroleum prices have reduced state revenue
• printing money as an alternative leading to hyperinflation
• meanwhile hyper-regulation strangling businesses
• capital flight to avoid regulatory ecosystem or nationalization
• brain drain as best minds flee the country for better opportunity

had apparently been going on for a while but the government was manipulating economic statistics

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Broseph_Stalin posted...

Nationalization, price controls and some good old fashioned corruption. The usual stuff.

NES4EVER posted...

Oil.

The whole economy was staked on oil.

When US oil production from shale oil came online, that cut into the global demand for imported oil.

Then in response, Saudi Arabia increased production to drive the price of oil down and make North American producers less viable. That hurt Venezuela as well because they weren't making as much.

Once the country started hurting from loss of revenue, the corrupt government lost the faith of the people and all hell broke loose.

So yeah, it was oil and corruption mostly.

So then what about the socialism boogieman destroy Venezuela? Because that's all I hear from conservatives and why Bernie man bad

645AR posted...

So then what about the socialism boogieman destroy Venezuela?

If your point is that socialist movements never succeed in establishing a socialist economic system, you are right!

In practice most socialist support policies that end up concentrating power in the hands of a small group of people and not workers. Venezuela is not the first to fall victim to bad policies like price controls and nationalization, and it sadly won't be the last since bad ideas never die.