Venezuelan Dictator Nicolás Maduro now says that Venezuela’s socialist economic model has failed, amid massive power outages, food shortages and lawlessness across the country.
For years, Venezuela received praise from the likes of Sean Penn, Michael Moore, Jeremy Corbyn and Noam Chomsky. The Hugo Chavez model of authoritarian socialism has gained such popularity in Latin America that Mexico just elected Andrés Manuel López Obrador, a seasoned politician who is promising Venezuelan-type socialism for Mexico.
Volatility in the oil market over the past 5 years has rocked Venezuela’s economy, which was largely dependent on oil exports to pay for a massive social welfare state. Since this collapse began, the average Venezuelan has lost 19 lbs.
— Michael Welling (@WellingMichael) May 31, 2017
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