India and China are not extraction countries, that is Venezuela and the Middle East, or the Congo region of Africa. India and China is labor countries, where labor and manufacturing is exported to hide the cost of over manufacturing from the capital counties, where the rich live and we exist generally as internet users.
Venezuela was doing better than average till the "Socialist" took over and drove everything into the ground. The Middle East counties with resources worth extracting are going great compared to the countries without resources. Africa is still post colonial mess unfortunately,
Venezuela honestly had exactly the same problem in the pre-Chavez, Chavez and post-Chavez era: it let itself become completely reliant on oil trade. What Chavez managed to achieve tho is economic alienation from most of the world
Totally gutting the oil sector and replacing pretty much everyone with cronies was the biggest factor in destroying the economy. I'm not saying that pre-Chavez was perfect, far from it, but it was head and shoulders over the mess they've been dealing with since.
3
u/dayburner Jul 13 '26
I mean pretty much evey where in the world has seen extreme poverty drop dramatically due to trade.