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Explaining Kamala’s VP Pick, the US Economy, Venezuela’s Fall and China’s Rise
"Econ 102" with Noah Smith and Erik Torenberg
Beware the Populist Plunder
Venezuela's dependency on oil has shaped its economic landscape, particularly through the nationalization of its oil industry. The creation of the state-owned company PDVSA in the 1970s allowed for efficient management and investment, driving the nation’s prosperity. However, the emergence of populist leadership, notably under Chávez, redirected funds from PDVSA's investment budget to fulfill social and political commitments. This led to a misallocation of resources that undermined the company’s efficiency and long-term viability, highlighting the risks of populist strategies that prioritize immediate gratification over sustainable economic practices.
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