Venizuela's Economy Is a Continuum of Instability

Venezuela has lived on one resource for decades now, and that is like standing on one leg, or even the stool with one leg. Every country that has oil loves to live off of this resource rent, but it doesn't work. In some sense, we had over borrowed and overspent, and we mismanaged that. We didn't prepare ourselves for a period of low oil prices. Hugo chavez was briefly imprisoned for his attempted coup, but the government was sufficiently stabilized and it soon lost power. Housman's market reforms were abandoned, and we're paying a very, very healthy price for that....