Venezuela on the path of recovery?

[Myth]

I don't see this bright sunshiney future for Venezuella you all seem to prophesize. They're in for a ride now: a bunch of cleptocrats and ex members of the party / secret police will now controll the most lucrative businesses: energy, agriculture, telecommunications, weapons, prostitution, drugs. They and their children will become the white collar feudal lords that rule other "democratic" countries. The IMF and WB will happily spirall the country into a black hole of self-perpetuating debt. And the people will now have McDonald's and Nike, but their lives will not improve.

[Philippus Flavius Homovallumus]

There's definately an element of class here - something which is quite obvious in Latin America because there's more Spanish and less Amerindian blood in the upper classes.

However, I think it's clear that Chavez did squander the oil wealth and his successors continue to do so. What he did was use the oil to give poor people grain and money - rather than to improve infrastructure and pump money into other sectors of the economy to make them more competitive

[Kralizec]

This is a long time overdue. I didn't like Chavez or Maduro and how they've run Venezuela. I don't like their habit of denouncing all their political opponents as USA collaborators, the way they've politicized all the state's institutions, busted independent unions...the list goes on for a while.

But regardless, changes in government are a natural event in any functioning democracy. The socialists in Venezuela have been in power for 16 years, a good portion of which they had near-absolute control. Now it's entirely possible the new majority will screw up, but it's their turn to do so.

[Papewaio]

Again mineral and oil dependent nations do not do enough to develop there people just rely on a get rich quick extraction.

Venezuela got some of it right (like nationalizing the resources).

But did they pump the money into diversification, education or have a sovereign fund?

Most of the nations with easy access oil get over dependent on it. I can only name one that has used its own oil to improve its nation in a meaningful manner.

[Strike For The South]

Chavez was a dictator who used bread and circuses to remain in power.

Live by the petrodollar, die by the petrodollar.

[Idaho]

Chavez was a dictator who used bread and circuses to remain in power.

Live by the petrodollar, die by the petrodollar.

Lolz.... From an American this is hilarious.

[Strike For The South]

Lolz.... From an American this is hilarious.

Do you have anything to add, other than your outdated 80s communist talking points? I realize "Manufacturing Consent" and Benedict Anderson were eye opening as footballer trying to fit in with the cool kids at uni during the height of Thatcherism but we have moved on.

Even if we were able to lay the entirety of South Americas problems at Yanquis feet, an argument for which there is a mountain of evidence for, you would still have to explain everywhere that ever tried to implement these far left policies. There is a reason people from Poland are emigrating to the UK. It's all about the blue jeans.

Sure, this relentless drive for material production will probably doom us a species, causing War, Famine, and Pestilence. But we aren't there yet and quite frankly that's another thread.

I'm putting the kettle on, tuning the station to radio 4, and cracking the Times, if you need me.

[Sarmatian]

I can only name one that has used its own oil to improve its nation in a meaningful manner.

Interested to hear which one.

[Beskar]

Interested to hear which one.

Norway? I know they invested the money into a massive stockpile so they can finance themselves in the future. I believe they have roughly kr1,000,000 per citizen or so saved or something like that if I remember correctly.

[Papewaio]

Norway of course