The success of Latin American countries displayed a terrible case of falling dominoes with one chip left standing. Unfortunately, the last hope of Latin America’s success, Venezuela, came to be just another fallen victim of socialism. Venezuela before the reign of Hugo Chavez had a functioning democracy, a developing economy, and a substantially growing middle class. This country was advancing in education, healthcare, foreign investments, and with a rich oil deposit. What went wrong? Although it was not a perfect country at the time, Venezuela had a definite reason to be hopeful in its future.
If Venezuela was on the right track to become a ‘Northern’ country, what was the cause of its doom? In 1999, Hugo Chavez created a movement in his country against foreign …show more content…
As bad as the consequences of socialism can be, socialism can actually work in the beginning. As an emphasis, I will repeat that socialism can actually work in the beginning. Venezuela is an oil rich nation that had the potential to compete with Saudi Arabia’s notorious oil supply. Chavez saw that as an opportunity to focus his country’s shift in production and economy to primarily oil. “Gas prices were high at the time. Everyone became rich. It was a gold mine and amazing. Doesnt it sound like the perfect plan?” INCLUDE ANY POSITIVE THINGS IN SOCIALISTIC VENEZUELA
Along this short success, Chavez continued to take over industry by industry. It is quite easy for the government to confiscate money. However, this plan soon came to be Venezuela’s biggest doom. Oil prices would not always remain high. The country’s highest generating revenue source was cut from the drop in oil prices. In this time, the elitists who could maximize their wealthy profits from the country did. Meanwhile, Venezuelans were left in despair. Many had to choose whether to stay and suffer, or leave. 2 million people left (Tomas Paez). (Money moved from ven to Madrid or
If Venezuela was on the right track to become a ‘Northern’ country, what was the cause of its doom? In 1999, Hugo Chavez created a movement in his country against foreign …show more content…
As bad as the consequences of socialism can be, socialism can actually work in the beginning. As an emphasis, I will repeat that socialism can actually work in the beginning. Venezuela is an oil rich nation that had the potential to compete with Saudi Arabia’s notorious oil supply. Chavez saw that as an opportunity to focus his country’s shift in production and economy to primarily oil. “Gas prices were high at the time. Everyone became rich. It was a gold mine and amazing. Doesnt it sound like the perfect plan?” INCLUDE ANY POSITIVE THINGS IN SOCIALISTIC VENEZUELA
Along this short success, Chavez continued to take over industry by industry. It is quite easy for the government to confiscate money. However, this plan soon came to be Venezuela’s biggest doom. Oil prices would not always remain high. The country’s highest generating revenue source was cut from the drop in oil prices. In this time, the elitists who could maximize their wealthy profits from the country did. Meanwhile, Venezuelans were left in despair. Many had to choose whether to stay and suffer, or leave. 2 million people left (Tomas Paez). (Money moved from ven to Madrid or