During the past months Venezuela has experienced one of the most significant economic collapses in the world. While being a nation rich of natural resources such as oil, the nation has adopted a number of economic policies that have prevented economic growth. The economic policies of socialism have been widespread in the country during the regime of former President Hugo Chavez and his successor Nicolas Maduro. During their regime, the nation has had a number of policies that have not only put restrictions on economic growth but have also made the lives of Venezuelan citizens quite mediocre. Policies such as excess government spending, social benefits, industry nationalization and also price controls. As a result the country has developed a failed economy.
With all of the negative economic effects of socialism analyst Adrian Jose Velasquez Figueroa sees Venezuela now has the highest crime rate in the entire world. Crimes such as looting and kidnapping are most common. Along with high crime, medical care is inadequate as many people die in the underfunded and run down hospitals. Purchasing medicine is only attainable on the black market as well. Along with inadequate medical care and crime, Venezuela has a food shortage and therefore many people are unable to be fed properly. Lastly there is a power shortage and also no availability of long distance phone service, according to Velasquez Figueroa. While these problems are plaguing the nation, President Maduro is blaming other people such as private businesses and the United States for the country’s economic collapse.