How did the oil rich state of Venezuela see such a rapid economic decline? Poverty is rife, inflation is running at more than 700 per cent and protests are widespread. President Nicolás Maduro is tightening his hold on power following the appointment of a new national assembly, charged with writing a new constitution.

In this week's programme David Aaronovitch asks whether former president Hugo Chavez and president Maduro played a role in compounding the crisis and asks if Venezuela might become a failed state.

CONTRIBUTORS Dany Bahar, The Brookings Institution

Andrea Murta, Adrienne Arsht Latin America Center of the Atlantic Council

Miguel Tinker-Salas, Pomona College, California

Katy Watson, BBC

Vladimir Hernandez, BBC.

Is Venezuela on the brink of collapse?