Venezuela: the Origin of a Disaster

It was not long ago that Venezuela was something of an oasis of wealth and potential in Latin America.  Massive oil reserves and high oil prices inspired substantial confidence in the Venezuelan economy.  Anyone who has been paying attention to the news coming out of Latin America recently, however, knows that the country is in a state of crisis.  It suffers from hyperinflation, soaring crime rates, rampant poverty and malnutrition, and a refuge crisis that looks to be on par with the catastrophe that resulted from the Syrian Civil War.  What has caused this sharp downward turn?  A combination of dishonest and self-interested political decision making, rampant corruption, and gross mismanagement of the country’s resources, namely oil, has turned a nation teeming with potential into a full blown humanitarian disaster.