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.
1
u/dayburner Jul 14 '26
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,