![Picture Steemit SteemLeo World Finance.jpg](https://cdn.steemitimages.com/DQmauBj29zGvKY9i1nG9A7ng59D8vTUpiWaBSXU56SdyzPw/Picture%20Steemit%20SteemLeo%20World%20Finance.jpg) Venezuela was a very rich nation in terms of per capita GDP and compared to most Latin American it was ahead. It also had a long tradition of democratic governments, unlike many of the other Latin American nations. The source of the wealth was primarily oil. Venezuela reached its best levels of economic success in the 1970's, when oil prices were high. However, due to the following reasons, in the 1980's the economy started to decline and nowadays it reaches the levels of an economic disaster. In the 1980's the price of oil abruptly declined causing a decrease in the cash inflow into the country. Venezuela, suddenly was in a situation in which it was difficult for it to pay for the large incurred debt of the 1970's. Venezuela did not diversify its economy. High oil prices brought some relief from 2003 till 2007, but when the price of oil collapsed again, the problems repeated. Corruption has been rampant always. This problem does not only bring loss of resources, but also political instability. Investors do not like t invest were there is too much corruption. US sanctions contributed to make things worse for Venezuela. The basis for this sanctions are the lack of respect for democratic institutions and certain associations of its leaders with drug trafficking Socialist policies are not the best for wealth creation. This and the continuous clash of the government with the business class created a problem with investment. If there is no investment, there is no growth. Because of this, (and the lack of oil revenue) the government resolved to print excess money, resulting in hyperinflation. Finally, the ideological nature of the government made it create associations with other poorer Latin American countries. Venezuela lost oil and resources supporting regimes such as Cuba's, without getting much in return. # ###### This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.
author | marcusantoniu26 |
---|---|
permlink | history-august-14-2021-the |
category | hive-167922 |
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It's a shame that Venezuela ended up like this... such a rich country, full of oil and the population unfortunately living in poverty. It's really sad. --- <center><sub>Posted via [proofofbrain.io](https://www.proofofbrain.io/@anacristinasilva/qxv28i)</sub></center>
author | anacristinasilva |
---|---|
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Indeed. Millions have left the country
author | marcusantoniu26 |
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permlink | re-anacristinasilva-2021815t01454765z |
category | hive-167922 |
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>The source of the wealth was primarily oil. It seems everyone country's primary source of wealth has always been oil >High oil prices brought some relief from 2003 till 2007, At this point, Venezuela should have learned it's lessons and diversify 😩 But corruption blinded them to their economic doom..... God help us --- <center><sub>Posted via [proofofbrain.io](https://www.proofofbrain.io/@edystringz/qxv1ec)</sub></center>
author | edystringz |
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marcusantoniu26 | 0 | 292,300,285,526 | 50.1% |
I upvoted you, thank you for posting! 👍
author | gangstalking |
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permlink | re-marcusantoniu26-history-august-14-2021-the-20210815t034334600z |
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Economy is a policy. I think changing the leadership will finish the economic hardship in your country. The case if Venezuela is similar to our country. However, your country has declined first because the leadership in your country has taken place few years ago. In Indonesia with similar case is in progress. Socialism is brought by the current government but all are hampered by the decision of members of representative that ban communism and its ideology In Indonesia. And now, the affiliated communist party in Indonesia works for changing the constitution. The majority of Indonesian will reject communism because communism has bloody history in my country. 1948 and 1965 was the worst of trial of coup de eta of communist party. After that the member of representative declared constitution that banned all communist activities and organizations. --- <center><sub>Posted via [proofofbrain.io](https://www.proofofbrain.io/@lebah/qxv9d7)</sub></center>
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I am not from Venezuela, but I am familiar with the situation.
author | marcusantoniu26 |
---|---|
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Another beautiful post from you ... I did not know that Venezuela in the 70s was a country where the economy was doing well
author | stefano.massari |
---|---|
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Yes it was. Lots of people from Italian ascent in Venezuela
author | marcusantoniu26 |
---|---|
permlink | re-stefanomassari-2021815t01530505z |
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