Venezuela is an oil rich nation with a number of productive people but socialist economic policies have contributed to its recent collapse. Along with economic policies that are very restrictive there is also a highly authoritarian government that has put the nation at a considerable disadvantage. As a result, expert David Osio says that the nation now faces a crisis in which it cannot feed the people. Therefore the real effects of socialism have set in and have helped Venezuela suffer a lot of consequences for its political and economic policies. Similar to a number of Latin American nations, Venezuela has never taken advantage of or used a free market economy. It is also known to be the most corrupt nation in all of Latin America as well.
In the year 1992 from Visual CV’s data, former and now deceased President Hugo Chavez attempted to overthrow the current government but failed. However he was elected President in 1998 as a number of Venezuelans wanted a drastic change in its political direction. This new political consisted of nationalizing all industries, providing numerous social benefits, heavy spending and also implementing price controls. Along with the economic policies by Chavez he also imposed political changes which entailed creating a judiciary system that was dependent on him, intimidating the media and also putting political opponents in prison. While elections were still taking place, they were often predetermined in order to keep him in power. During the most recent times, Venezuela has seen its currency lose value, become highly inflated as well as there being a mass shortage of food due to the policies by Chavez and his current successor Nicolas Maduro.