Understanding Venezuela’s economy: where and how things fell apart.
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GUEST – Prof. Adrian Saville, Gordon Institute of Business Science
Venezuela sits on one of the world’s largest oil reserves, yet its economy resembles that of a country emerging from war. In this interview, Prof. Adrian Saville unpacks how decades of oil dependence, policy missteps, corruption, sanctions and institutional collapse combined to destroy what was once Latin America’s richest economy. From hyperinflation that wiped out the bolívar, to widespread poverty, food insecurity and one of the largest migration crises in the world, we trace the key moments where Venezuela’s economic model unravelled.
The discussion also looks ahead to what recovery could realistically look like. Can oil alone rescue Venezuela, or has resource dependence become part of the problem?
Venezuela sits on one of the world’s largest oil reserves, yet its economy resembles that of a country emerging from war. In this interview, Prof. Adrian Saville unpacks how decades of oil dependence, policy missteps, corruption, sanctions and institutional collapse combined to destroy what was once Latin America’s richest economy. From hyperinflation that wiped out the bolívar, to widespread poverty, food insecurity and one of the largest migration crises in the world, we trace the key moments where Venezuela’s economic model unravelled.
The discussion also looks ahead to what recovery could realistically look like. Can oil alone rescue Venezuela, or has resource dependence become part of the problem?
