Who’s to blame for Venezuela’s economic crisis?

There are two explanations for Venezuela’s economic crisis.  One is that Hugo Chavez and Nicolas Maduro mismanaged the economy.  The other is that the United States economic warfare ruined the economy.

Greg Wilbert of The Real News Network said it’s true that Chavez failed to adequately prepare for falling oil prices and Maduro failed to adequately cope when oil prices did collapse.

He said Venezuela’s economic crisis was not caused by the United States, but U.S. sanctions, which began under President Obama, made matters worse and prevented corrective action.

 I don’t think a new U.S.-imposed government would do better.

[Revised 6/9/2019]

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One Response to “Who’s to blame for Venezuela’s economic crisis?”

  1. whungerford Says:

    It would be interesting to know what happened to the electric system. I have seen various reports. Here is one that is internally inconsistent–was it the substation or the turbines that failed?

    “On 7 March, a substation at the massive Guri hydropower plant went down. The San Geronimo B substation supplies electricity to 80 percent of the country over an extensive network of high-voltage transmission lines. Power experts and Corpoelec employees told multiple news outlets that the plant’s turbines failed following years of neglect, mismanagement and corruption at the utility.”

    The author notes parenthetically that the government suspects sabotage, but gives no evidence for or against that claim. Electric generating plants usually have redundant components, so it is unlikely that one failure in a turbine or substation would cause the country to go dark.



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