chaos dysfunction: This is the last desperate act of a dictator and will plunge a troubled country further into chaos and dysfunction, according to The Japan Times. The Venezuelan economy has imploded in recent years, with the International Monetary Fund reporting that GDP this year will be 35 percent below that of 2013, a drop of 40 percent in per capita terms. Rather than take constructive action to remedy a worsening humanitarian situation, President Nicolas Maduro has instead instituted a power grab, convening a constitutional assembly to eliminate the vestiges of opposition to his rule. This is a greater contraction than that experienced by Russia at the end of the Cold War and the United States during the Great Depression of the 1930s. The government has used its oil revenues for profligate social spending needed to some extent, but used primarily for the purpose of waging class war. Only countries ravaged by war, such as Libya, Rwanda and South Sudan, have fared worse. ; The decline reflects the free fall in the price of oil, the mainstay of the Venezuelan economy, but mismanagement has contributed as well.
(news.financializer.com). As
reported in the news.
Tagged under chaos dysfunction, oil revenues topics.