20 thoughts on “The Economic Policies that Ruined Venezuela

  1. Venezuelan here… I VERY RARELY see such an informed video from the english speaking community, a lot of media today are talking about how to opposition or the previous parties were right wing, and chavez changed everything, but the truth is… Venezuela has NEVER HAD A RIGHT WING GOVERNMENT since maybe the Perez Jimenez dictatorship…

    And you know what… almost all current infrastructure in venezuela was built during the Perez Jimenez regime… As a child, I remember traveling the country by car with my family, and I remember asking about the roads, and stuff like that… or maybe that huge hospital over there, or that huge bridge.. almost everything was built during the Perez Jimenez regime…

    The truth is… Venezuela has always been left wing and socialist, even the current opposition parties, most of them, are left wing and socialists… the difference is… the chavistas take it to a whole new level that destroyed the country beyond any reason. I guess… when you are the EXTREME LEFT, everything else is just 'right wing'…

  2. this video is revealing about communism. I believe it will be of help for you. https://www.youtube.com/watch?v=YwPScbShR_0

  3. Why can't people be happy just to go to work and get paid. As long as a country has human rights, like all civilized countries do. There should be no need for unions or cooperatives. If you want to earn money from a business, it's a much better investment than working at a cooperative.
    It is my very correct opinion that unions are an outdated idea, like youtube networks. And therefore unions are for communists. And communism should be iradicated.

  4. I'm Venezuelan; thank you Academic Agent to make it easier for everyone, outside Venezuela, to understand the results of corruption and incompetence of the "Revolutionary" leaders stubbornly attempting to implement a government system that hasn't worked anywhere else. "Expropriate property from qualified private hands and give it to incompetents to steal it or destroy it", that was the order given by the Supreme Leader Hugo Chavez; as an example of that extreme incompetence was the sacking of professional managers and engineers from the once high-performing Venezuelan oil company PDVSA… here's an article showing the accidents happened in PDVSA facilities for the last decade alone while in the hands of corrupt and ignorant Chavistas: https://www.noticias24.com/venezuela/noticia/122763/cronologia-reuters-incidentes-de-pdvsa-durante-los-ultimos-anos/

  5. F*ck off. I am VERY happy in Venezuela. I live a million times better TODAY than I did 20 years ago. There is absolutely no humanitarian crises in Venezuela. Come SEE for YOURSELF.

  6. I keep hearing these arguments over and over again. It's always just turns into a bitching session about liberals. No one ever explains in a serious intellectual way why these policies don't work. Why don't price controls work? Why doesn't land redistribution work? Why would nationalizing utilities cause brown-outs? On the surface they sound like good ideas but they clearly cause more problems than they solve but I have yet to see a video that explains why. Why? Why!? WHY!?!?

  7. The policies have not worked but let's not kid our selves the main reason they are in this mess is US Sanctions, America has been trying to bleed this country dry for decades.

  8. This is socialism at its finest. 70% tax on those making above 10 million does sound so bad when you know that everyone else has to pay 60%.

  9. But what if you create a socialist country that follows capitalist rules ??? have you wonder?? Please check the economy of Norway … they also base their economy from oil state company and guess what they are rich!!

  10. Good video and great observation, I'm tired of these youtubers blaming on US for their misery when the problem comes from decades. If they didn't know how to invest their oil money in something productive or didn't know how to administrate it; that's nobody's else fault but theirs. Take responsibility of your failures instead of blaming others, don't make excuses that only your chavistas zombies assimilate for convenience. And for the people who defend this kind of shit and live in United States of America; you don't deserve this country go live in one of those shit-holes you admire.

  11. John 6:47 "verily, verily I say unto you, he that believes in me has everlasting life."-Jesus. Jesus the Messiah died for the remission of sin, including yours, was buried, and rose form the dead 3 days later. If you simply believe in this to save you, then you have everlasting life.

  12. In this video, the guy keeps mentioning how the income tax rates were raised, but this does not recognize the fact that no country has a flat income tax. Moreover , they never use the most accurate figure, the marginal tax rate, which means the tax rate after all manner of adjustments. So, he says that the income tax rate was raised to 67%. What if I told you the US had an income tax rate of over 70% back in the 50s, under the Republican Eisenhower administration. Oh that dirty socialist, Dwight Eisenhower, right? The truth is the highest levels of income taxes were over 70% under Ike. That doesn't make a country socialist. The US is nowhere near socialist, or it's been socialist at least since the 30s and FDRs policies, totally depending on what is meant by the term "socialist".
    Moreover, of course, they never mention capital gains taxes, which for most of the wealthier folks and corporations is typically a figure more sensitive to how much the wealthy are actually making, because their income is usually not from income. This sounds very authoritative, and it may be that the "Academic" knows a lot. This is not at all my area of specialization. However, I know enough about it to know that this guy is not giving the most relevant range of changes, such as modifying the tax rate. .
    The truth is that, with the exception of the post Bolshevik USSR and Mao's China, there has never been a nation in which people calling themselves "socialists" or "communists" ever came to power and were allowed to govern . . . whether violently, rather like the Sandanistas or Castro, or as the result of relatively peaceful transitions through free and fair elections, like Allende in Chile or Chavez. It has always been the policy of the US government to support the opponents of the leftist governments, in favor of gigantic US corporate interests. Superficially, often the US acts as if it is favoring the middle class, and rarely do American citizens in American military or CIA just go out and indiscriminately butcher poor people or peasants. Rather the US has had policy objectives to make the leftist governments fail, whether by operating targeted sanctions as we see today in Venezuela, by fomenting corruption through operations of the CIA (such as influencing the banking operations) or by use of direct support of right wing militias or the military itself, as in Hillary Clinton's and Obama's support for the military coup in Honduras, and the subsequent slaughter of indigenous people's organizations there.
    The US government unfortunately is under the influence of US and international corporations, and has been so for my entire 70 years, and for as far back before that as the history is written. It is truly tragic because the vast majority of the American people have predominately positive attitudes toward the pobrecitos of this world. I am not trying to claim at all that the leftist autocracies that have seized power, and with few exceptions, have stifled dissent, are somehow less and corrrupt than the Perons and Pinochets, the Parks in Korea or the Marcos in the Philippines. I am saying that Latin American leaders who have arisen and were able to seize and maintain power, ruling in the name of socialist objectives, have never really had much of a chance to learn how to run an economy , to work with the resources that are truly there without crippling opposition from US Corporate backed actions from the US governments.

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