There are multiple factors IMO that led the country to its current state.
For me the most important one: “greed” the government of Chavez was born with the spirit of Robin Hood taking the money from the rich and wealth people and giving it to the poor. Surely, many will say that that was something good, but in fact it wasn’t. With that move many if not most investors were scared away because they felt they investments weren’t protected soon all those that didn’t want to invest in the country Chávez started to expropriate buildings, land, businesses etc. and Chavez NEVER paid back for the expropriations and nationalization of all that he took. Not only that, since 2003 up to 2014 there’s an exchange policy controlled by the government, were you can only purchase a certain amount of foreign currency (dollars, euros etc) a year. It started at $5000 USD per person in 2003 and in 2014 you were only allowed to purchase $700 up to $1500 USD from 2014 up to date you can’t get foreign currency legally, you can only access to it by the black market. With all this situation companies like American Airlines and many others from USA and other countries weren’t able to take their revenue back to their countries and that just scared the few investors left in Venezuela.
The government took the major lands were in other times out people cultivate the food for the country and also for exportation. They took control of the industry that produced milk, coffee, pasta, wheat flour, vegetal oil, etc they took control of the biggest communication company (its best internet speed it’s supposed to be 10MB but they only deliver at 1MB)
Now, why they did all this, because while a typical Venezuelan citizens has to purchase $1 USD in the black market at 232902 Bolivares the government purchase the same dollar for only 10 Bolivares, now as they control the boarders, the customs, the airports, etc they can import whatever they want at a rate that it’s prohibited for the majority of us and they sell the goods at their own discretion.
Right now, they sell a box with food 8 to 10 items and to purchas the box you have to get an ID pro government called CARNET DE LA PATRIA. With said ID you can vote, purchase food and identify yourself as pro government.
All this as a measure of control, if you want to eat, they will tell you how much and what you can eat, but for that, you have to vote for them. You want a house? Good go vote for them, why not lie to them and vote for someone else? The elections in Venezuela are not free anymore they control everything and if they want to they will assist you in the voting so you don’t get confused at the last minute. Most weapons from our army has been given to paramilitary forces so they control the population.
Chavez was born poor in a poor town, and since day one he said he was resented with the wealth ones. That way while he and his more closest people started to get rich and wealthy the whole country started to fall in an abyss and it seems we haven’t reach bottom yet.
What could have been done differently?
Chavez got to the government in 1998 but in 1992 he failed in a coup d' État he was released from jail in 1996, we could have avoided all this by letting hin rot in jail or by killing him when the chance arose in 2002 no Chavez, no socialism, no debacle.
Right now, the options are a military intervention by the US government and the allies of the continent. Sadly many will die, but, right now, many are already dying of starvation or for the lack of medicines, a friend of mine passed last week because he couldn’t find his blood pressure pills.
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English it’s not my mother language, excuse me for my granmar, typos etc. If you have more questions I will try my best to answer you.