Venezuela’s crisis is entirely of its own making
29 January 2019
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Government and Institutions
In the Media
Kate Andrews writes for City AM
29 January 2019
Trade, Development, and Immigration
4 November 2024
Kristian Niemietz writes for CapX
Kristian Niemietz, Head of Political Economy at the Institute of Economic Affairs has written for CapX on Venezuela’s collapse.
Venezuela’s economic crisis started years before those very minor sanctions were even discussed. The economy already contracted in 2009 and 2010, which prompted then-president Hugo Chavez to declare an “economic war” against the “fatherland-less bourgeoisie”, who he accused of “destabilising” the country. The Venezuelan economy then briefly seemed to bounce back again, but fell off a cliff in 2013-14, and has been in freefall ever since. By the time the US sanctions were brought in, it had already shrunk by a third.
Read the full article here.
Venezuela’s economic crisis started years before those very minor sanctions were even discussed. The economy already contracted in 2009 and 2010, which prompted then-president Hugo Chavez to declare an “economic war” against the “fatherland-less bourgeoisie”, who he accused of “destabilising” the country. The Venezuelan economy then briefly seemed to bounce back again, but fell off a cliff in 2013-14, and has been in freefall ever since. By the time the US sanctions were brought in, it had already shrunk by a third.
Read the full article here.
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