An array of diplomatic and financial sanctions imposed by successive US administrations, European Union and Latin America governments continue to target Venezuelan state assets, entities and officials. Despite the palpable negative impact on the country’s socioeconomic fabric, the fundamental causes of the Venezuelan economic collapse rests on assumptions underlying policies implemented since 1999. This essay aims to explain those assumptions and the predictably of the results. Ultimately, the term XXI Century Socialism turned out to mirror XX Century socialism.
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