Emmanuel Rincon: Sanctions Didn’t Destroy Venezuela’s Economy — Socialism Did

In recent weeks, the debate over Venezuela has intensified, largely due to the military pressure that the Trump Administration has placed on Maduro’s regime. This has led various political figures, journalists, and analysts to revisit Venezuela’s recent history and the causes that drove the Maduro regime to provoke the worst economic collapse ever recorded in the Western world — an 80 percent GDP contraction in less than a decade. The crisis becomes even more shocking when considering that Venezuela holds the world’s largest proven oil reserves.