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Venezuela has a third-world economy, but they wanted to have first-world standard of living. Can't blame them really, but they used bad monetary policy to try to make up the difference rather than investing in the more difficult, but safer, economic investments and reforms it would have taken to improve their structural economics.
In short, their leaders picked quick, cheap prosperity for a short time to win popularity. They failed to invest in the slower, less popular, but sounder growth.
In short, their leaders picked quick, cheap prosperity for a short time to win popularity. They failed to invest in the slower, less popular, but sounder growth.
Burnley123 · 41-45, M
@Xuan12 That is one of the problems but it's a hard one to fix. 90% of exports are oil so they are really dependent on price of that commodity.
Add to that the fact that the oligarch opposition has destabilised the Bolivarian revolution at every turn. The regime is corrupt though and as you say has had disasterous monetary policy.
Add to that the fact that the oligarch opposition has destabilised the Bolivarian revolution at every turn. The regime is corrupt though and as you say has had disasterous monetary policy.