Since 2013, Venezuela has lost over 70 percent of its GDP, the biggest collapse in the modern history of the western hemisphere. Currently, 96 percent of Venezuelans live in poverty, 79 percent live in extreme poverty, and the country has been experiencing hyperinflation since 2017. Venezuela has therefore become a source of concern for economists, policymakers, and academics within and beyond the country, especially because of the counterintuitive nature of the collapse. The country not only was the fastest-growing economy of the twentieth century up until the 1970s but also has the largest oil reserves of any nation. So, why did Venezuela collapse? This is the question Jorge seeks to answer for us today.

Video available at: https://www.youtube.com/watch?v=c6nXw5qlmSQ&ab_channel=AbigailAdams