The claim: Venezuela’s economy was ruined by socialism

a fb blog post discussed thousands of circumstances since 2019, and recently viral, says that in only a decade, Venezuela’s once flourishing economy ended up being crippled by socialism.

The article, which ultimately shows a photograph of Venezuela on a chart, claims that 60 years back the Southern American nation got two times as rich as China and fourfold since rich as Japan. It says it had the next wealthiest economy on earth while the a lot of thriving country in Latin The united states.

They furthermore states that Venezuela’s currency was the really worth the most, next only to the U.S. buck. In addition, it states it had a thriving healthcare system.

But all that ended up being washed out in just ten years considering socialism, the post very first shared by fb user Katharine Trauger says. She don’t answer a message desire comment on in which she found the woman information about Venezuela.

The main of the country’s victory and demise: oil

It’s correct that Venezuela once got a flourishing economic climate that decrease to deep impoverishment — but there is extra to they than just straightforward explanation of socialism, Stephen Morris demonstrated. Leia mais →