You’ve probably read or heard a great deal about the incipient chaos in Venezuela. There are serious food shortages, rampant crime, seething unrest, and the threat of a violent government crackdown. And yet Venezuela has untold riches in oil. Most people are unaware that it was one of the major driving forces behind the founding of OPEC many decades ago. It used to be a stable, prosperous, and reasonably efficient state structure. How could a country with so many natural resources be unable to feed its people? What happened? How did it all unravel? And what lessons can we draw from the drama?
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