Date of Award
5-2020
Document Type
Thesis
Department
Political Science
First Advisor
Patrick Donnay
Abstract
In the 1970s, Venezuela was considered one of the wealthiest nations in the world. They enjoyed high oil prices after the discovery of OPEC, they were a democratized country in a continent where most of it was still undeveloped. Unfortunately, in the 1980s a major cut in oil prices caused economic turmoil, and leading into the 90s there were bloody riots, political disparity, attempted coups and building poverty. In 1998 came Hugo Chavez, a newly elected president to rid their economic issues and end corruption. However, that all turned out to be the opposite of what he did. The country of Venezuela today is seen around the world as a country of overrun corruption, economic depression, mass malnutrition and fierce dictatorship. While the country has the world’s largest oil reserves, Venezuela struggles today in economic hardships, and many political leaders in our country have been debating how they went from the second wealthiest nation in the western hemisphere to a crushed society. This thesis dives into three big features as to how Venezuela collapsed: state ownership, social welfare programs, and political corruption. After extensive research, it concludes socialism is what really killed this nation, and a dangerous central government ran by a small group of corrupt elites now holds the destiny in their future.
Recommended Citation
Abrahamson, Ben, "How Socialism Failed Venezuela" (2020). Political Science Theses and Capstones. 41.
https://pines.bemidjistate.edu/capstone-polisci/41
Included in
Economic History Commons, International Relations Commons, Latin American Studies Commons, Social Policy Commons, Social Welfare Commons
