Why Venezuela Is So Poor Despite Having So Much Oil

Venezuela, despite having the largest oil reserves, faces severe economic challenges. The country's colonial history, independence struggle, and oil discovery shaped its trajectory. Initially prosperous due to oil, Venezuela's economy suffered from over-reliance on this resource, leading to Dutch Disease. Political changes under Hugo Chavez and Nicolas Maduro, combined with falling oil prices, resulted in hyperinflation and a mass exodus. Recent stabilization offers hope, but recovery will be slow.

What factors contributed to Venezuela's economic decline despite its vast oil reserves?

How did the discovery of oil in Venezuela change its political landscape?

What was the significance of Simon Bolivar in Venezuela's fight for independence?

Explain the concept of 'Dutch Disease' and how it affected Venezuela.

What were the consequences of the oil boom in the 1970s for Venezuela?

Discuss the impact of Hugo Chavez's policies on Venezuela's economy.

What led to the mass exodus of Venezuelans in recent years?

How did Venezuela's reliance on oil affect its economic stability?

What role did foreign oil companies play in Venezuela's oil industry?

In what ways has Venezuela's population changed from 2015 to 2020?