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The economic model of “Chavismo” is anything but sophisticated. Venezuela owns the largest oil reserves in the world, and it is one of the top 10 oil exporters. The “Socialism of the 21st Century” consisted of spending this money with populist and unsustainable social programs while disrespecting property rights and neglecting the country’s infrastructure.
originally posted by: FamCore
originally posted by: introvert
[Venezuala's] real problem lies within their currency controls.
Introvert, can you please talk more about this? What about their fiscal policy has led to this huge mess