Planet Money Venezuela’s recent economic history (Update)
321 snips
Jan 4, 2026 
Alejandro Velasco, an academic expert on Venezuelan politics and economy, provides deep insights into Venezuela's tumultuous economic history. They explore how the oil boom contributed to dependency and eventual crisis. Listeners learn about the impacts of hyperinflation and informal dollarization on everyday life. Velasco discusses the role of U.S. sanctions, the ongoing political stalemate, and how remittances have brought about uneven economic stabilization. It's a compelling dive into a nation's struggles and resilience.
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Oil Wealth Created Dangerous Dependency
- Venezuela turned abundant oil revenue into dependency by importing rather than building domestic industry.
- That reliance made the country extremely vulnerable when oil revenue fell and controls persisted.
Fixed Exchange Rate Became A Time Bomb
- Chavez fixed the bolivar to the dollar and centralized dollar access through the government as an emergency move.
- That control persisted and became the structural time bomb when oil revenue fell under Maduro.
Importer Waiting For Dollars
- Importer Alex Rosenberg had to get government permission to buy dollars even to pay suppliers abroad.
- He submitted photos, invoices, and product details and still waited for authorization to access his own dollars.