How to Destroy a Country: Venezuela with Noah Smith
The David McWilliams Podcast
Beware the Cost of Populism
Massive investments in the oil industry are essential for maintaining production levels. However, under a leftist populist leader, investment funds can be misappropriated for social programs and to benefit political allies. This can lead to significant downsizing of skilled workers, as seen when 19,000 oil employees were fired in a strike against budget cuts. Replacing experienced staff with unqualified political appointees compromises the operational integrity of the oil company, highlighting the dangers of prioritizing populist agendas over sound economic management.
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