They set up a socialism based on a single-product export that was nationalized, not private.
That rides high as long as the export rides high. But when it doesn’t ride high... OH NOES! OMG!
That rides high as long as the export rides high. But when it doesn’t ride high... OH NOES! OMG!
If that was Venezuela’s only problem they would not be in this situation.
Chavez milked PDVSA for everything it was worth and put nothing back in to the industry.
He propped up Cuba for years after it was abandoned by the former USSR.
He gave away oil. He even gave away money to needy states in his arch enemy the USA.
Chavez gave away so much that there was nothing left in the bank for maintenance or exploration for the PDVSA.
When you milk the cow but don’t feed the cow it does not take long before the cow dries up.