"Econ 102" with Noah Smith and Erik Torenberg cover image

Explaining Kamala’s VP Pick, the US Economy, Venezuela’s Fall and China’s Rise

"Econ 102" with Noah Smith and Erik Torenberg

CHAPTER

Venezuela's Economic Collapse: Leadership Failures

This chapter explores the economic decline of Venezuela, focusing on the detrimental policies of Hugo Chavez and the mismanagement of the state-owned oil company PDVSA. It examines how reliance on oil, cronyism, and poor leadership decisions led to hyperinflation, currency collapse, and a deepening economic crisis.

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