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I know I probably shouldn't drag out articles from 6 years ago but the moment I read it, I couldn't resist.
Sorry, Venezuela haters: this economy is not the Greece of Latin America | Mark Weisbrot | Opinion | The Guardian
It seems that this article says that those opposed to socialism have been predicting Venezuela's collapse. It seems like there's merit to the economic theories pushed by those people, considering that it happened.
Today, leftists will claim that Venezuela is not real socialism because most of the economy comes from the private sector. This article shows that these same people upheld Venezuela as an alternative to capitalism, reducing poverty and inequality.
One thing from the article is still relevant
Because now the crisis in Venezuela is even worse than the one in Greece and Spain because at least people in those countries don't have to worry about getting their next meal. Since 2014, Venezuela's GDP has been in decline. Infant mortality is now going up as medical supplies run out.
Mortality rate, infant (per 1,000 live births) | Data
Meanwhile, Greece is experiencing a wonky economy (though not in freefall like in Venezuela) and although Spain's economy declined for a few years, it's experiencing positive GDP growth again.
At least the article acknowledges the country's unhealthy dependence on oil
Sorry, Venezuela haters: this economy is not the Greece of Latin America | Mark Weisbrot | Opinion | The Guardian
For more than a decade people opposed to the government of Venezuela have argued that its economy would implode. Like communists in the 1930s rooting for the final crisis of capitalism, they saw economic collapse just around the corner. How frustrating it has been for them to witness only two recessions: one directly caused by the opposition's oil strike (December 2002-May 2003) and one brought on by the world recession (2009 and the first half of 2010). However, the government got control of the national oil company in 2003, and the whole decade's economic performance turned out quite well, with average annual growth of real income per person of 2.7% and poverty reduced by over half, and large gains for the majority in employment, access to health care, pensions and education.
It seems that this article says that those opposed to socialism have been predicting Venezuela's collapse. It seems like there's merit to the economic theories pushed by those people, considering that it happened.
Today, leftists will claim that Venezuela is not real socialism because most of the economy comes from the private sector. This article shows that these same people upheld Venezuela as an alternative to capitalism, reducing poverty and inequality.
One thing from the article is still relevant
Of course Venezuela is facing serious economic problems. But they are not the kind suffered by Greece or Spain, trapped in an arrangement in which macroeconomic policy is determined by people who have objectives that conflict with the country's economic recovery.
Because now the crisis in Venezuela is even worse than the one in Greece and Spain because at least people in those countries don't have to worry about getting their next meal. Since 2014, Venezuela's GDP has been in decline. Infant mortality is now going up as medical supplies run out.
Mortality rate, infant (per 1,000 live births) | Data
Meanwhile, Greece is experiencing a wonky economy (though not in freefall like in Venezuela) and although Spain's economy declined for a few years, it's experiencing positive GDP growth again.
At least the article acknowledges the country's unhealthy dependence on oil
Venezuela – like most economies in the world – also has long-term structural problems such as overdependence on oil, inadequate infrastructure, and limited administrative capacity