Wednesday, March 6, 2013

Hugo Chavez' legacy

His policies destroyed a big chunk of Venezuela's wealth:

It has one of the world’s highest rates of inflation, largest fiscal deficits, and fastest growing debts. Despite a boom in oil prices, the country’s infrastructure is in disrepair—power outages and rolling blackouts are common—and it is more dependent on crude exports than when Chávez arrived. Venezuela is the only member of OPEC that suffers from shortages of staples such as flour, milk, and sugar. Crime and violence skyrocketed during Chávez’s years. On an average weekend, more people are killed in Caracas than in Baghdad and Kabul combined. (In 2009, there were 19,133 murders in Venezuela, more than four times the number of a decade earlier.) When the grisly statistics failed to improve, the Venezuelan government simply stopped publishing the figures.     

As a result, the most productive people left the country:

Private investors, unhinged over Mr. Chávez’s nationalizations and expropriation threats, halted projects. Hundreds of thousands of scientists, doctors, entrepreneurs and others in the middle class left Venezuela, even as large numbers of immigrants from Haiti, China and Lebanon put down stakes here.

1 comment:

  1. How much of this was on purpose, in order to achieve a Curley effect?