Jacobin Radio Behind the News: Maduro Kidnapped w/ Alejandro Velasco
Jan 14, 2026
Alejandro Velasco, a historian and expert on Venezuela, delves into the country’s economic recovery amidst hyperinflation and political repression following contested elections. He discusses the enduring legacy of Chavismo, the challenges faced by Maduro, and the implications of U.S. foreign policy. Eric Blanc analyzes Victor Berger’s controversial racial history, showcasing his transformation from a white supremacist to an anti-racist leader. Blanc argues for the relevance of sewer socialism's lessons for contemporary leftist movements.
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Dollarization Helped Economy, Not Politics
- Venezuela saw partial economic recovery via de facto dollarization and remittances after catastrophic 2017–2019 collapse.
- Political repression after disputed elections kept Maduro in power despite economic improvement.
Chavismo's Base Survived Leadership Flaws
- Maduro retained a sizable base rooted in Chavismo's earlier redistributive projects despite declining popularity.
- Maduro lacked Chávez's charisma and no longer had the same oil windfall, pushing him toward repression and military deals.
Multiple Causes Behind Venezuela's Collapse
- Maduro's failures mix bad luck (oil price collapse), mismanagement, and U.S. sectoral sanctions at different times.
- Velasco judges these factors roughly equally, with sanctions becoming dominant after 2017.