Venezuela: How a rich country collapsed : "The country turned toward socialism in 1999 and elected Hugo Chavez president. He championed populism, cut ties with the United States and cozied up to China and Russia, both of which loaned Venezuela billions. Chavez ruled until his death in 2013, and is still seen today as a hero for the poor.
But his government far overspent on welfare programs, and it fixed prices for everything. It declared farmlands state property and then abandoned them, and instead made the nation dependent on selling its oil abroad."
'via Blog this'
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