Society and Culture

Venezuela’s crisis is entirely of its own making


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Mark Littlewood writes for the Times Business

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Kate Andrews writes for City AM

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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.



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