Venezuela's Economic Dilemma: Socialism and the Resource Curse

This chapter examines the complex socio-economic landscape of Venezuela, exploring the impact of socialism under Hugo Chavez and Nicolas Maduro amidst a profound economic crisis. It discusses the consequences of heavy government involvement and oil dependency, contrasting Venezuela's situation with that of more successful social democracies. The chapter also raises critical questions about the root causes of Venezuela's economic collapse, debating whether it is a failure of socialism or a result of deeper systemic issues.