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Arguably no other country in Latin America has defined the region’s shift to the political left like Venezuela. Embarking upon a socialist revolution under former President Hugo Chavez in 1999, the country spread its left-wing policies to other nations such as Nicaragua, Peru, and Bolivia. Under Chavez, Venezuela nationalized foreign businesses, bought international allies with subsidized oil, and became a vocal critic of American foreign policy. Unfortunately, poor economic decisions laid the foundation for the country’s current economic mess. President Nicholas Maduro has thus far shown himself ill-equipped to make the hard choices necessary to rescue the economy from inflation and a heavy reliance on imports. Since the failure of the Venezuelan economy would indict the cause of Bolivarian socialism throughout Latin America, it is imperative that extempers continue to follow Venezuela’s economic difficulties.
This topic brief will provide an overview of Venezuela’s economic problems, discuss how Maduro’s government is trying to deal with them, and analyze whether these problems are bound to get worse or better in the remaining months of 2014.
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