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The Rise and Fall of Venezuela


The Rise and Fall of Venezuela

The rise and fall of Venezuela has been tragic. Since 2014, nearly 7 million people have fled the country in search of a better life. In that same period, their GDP has shrunk by nearly three quarters. And oil production, which funds most of their governmental budget, has dwindled rapidly, leaving the country in a state of emergency. When you add into the mix the COVID-19 pandemic, sanctions from foreign countries, and a political system that is democratic in name only, it makes for a difficult and messy situation. In this video, we take you through the rise and fall of this beautiful country. We start in the 1920’s, when massive amounts of oil were discovered, and Venezuela quickly became the second biggest petroleum producer in the world. And we follow it through the next several decades, where, because of the rice in oil prices, and the massive foreign investment in the Venezuelan oil industry, the country was flush with cash. However, it lacked the infrastructure, democratic system, and more to really take advantage of this new money. Instead, it used the money build up the military, and make the elite more and more wealthy. We take you through the rest of the century, as Venezuela began to become more and more of a ‘petrostate’ and suffer from “Dutch disease”. Finally, we take you into this century, which has seen the country descend into economic hardship, a full on dictatorship, and more. So join us, as we take a look at the rise and fall of Venezuela.

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00:00 Intro
00:48 Oil and Politics
01:42 Venezuela: A Petrostate
02:44 Oil Boom
04:20 The Politics
06:28 The Rise of Chavez
08:48 2014 to Now
10:21 Outro

Written by: Tim Blane

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