Kristian Niemietz writes for Coffee House
What really destroyed the Venezuelan economy was fiscal and monetary recklessness, economically illiterate price and exchange rate controls, and above all, the Chavistas’ contempt for private property rights and the rule of law. Pre-Chavez Venezuela was already characterised by an over-reliance on oil, over-reliance on the public sector, macroeconomic instability, patronage, clientelism and political populism. But it was not a banana republic. It was a place where property rights were protected, and the independence of institutions, such as the judiciary, was respected.
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