Episode 253: Tradeoffs, Lockdowns, Climate Change, and Free Stuff
Words & Numbers
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The Venezuelan Revolution
The state of Venezuela, in the name of the Venezuelan people, had taken over the industry. When you nationalize a company, you remove the profit incentive to maintain the company. After about 10 years of profits not being reinvested in the infrastructure, the infrastructure starts to break down. As it breaks down, the companies become less and less able to extract oil.
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