The problems in Venezuela seem more serious recently. The insane inflation rate which is believed to increase hundreds of percent per day has made the currencies of the country more depreciated and the goods are scarce. Due to the abuse of the last century, in the 70s, Venezuela's oil production rose to the highest in Latin America. It could become almost the richest country in Latin America. However, recently, the adverse economic conditions have forced many people to flee from this hell country.
The results of the economic crisis today sources from Venezuela's socialism and autocracy. Since the presidency of Chavez, the reliance on oil did not reduce, the powerful presidency aggravated the shortage of the resources and increase of economics. His personal expenses from national finance and the waste of resources upset many supporters. The production of oil does not make the country stronger because even though oil production makes people richer, it sacrifices the development of other industries.
The successor Maduro did not save the country's economy. The exacerbation of Venezuela started from the oil's price decrease in the 1970s followed by the cash outflows.
Although the government tried to liberalize the economy, the situation was still pessimistic.
Chavez's policy includes but is not limited to releasing the control of national industries. However, he got involved in economics. He controlled the courts, nationalized the firms, and controlled the foreign exchange system. The socialism brought disaster to the nation finally. Maduro made the country even worse by abusing the military to repress the protests on the street. The accumulated discontent released recently.
The failure of Venezuela, on one hand, owes to the reliance of oil production; on the other hand, the stubborn political system does not give citizens a chance to vote for other candidates. No matter Maduro or Chavez, they are not qualified in being presidents because they lack an economics background. However, the control of certain areas is the most disastrous, because using political power always obeys the marketing laws.
