June 26, 2017
The Blueprint for Saving Venezuela, by Srdja Popovic and Slobodan Djinovic for Real Clear Politics.
“Venezuela’s ongoing political crisis reached new heights at the end of March when a wave of anti-government protests erupted throughout the country after the Supreme Court took over legislative powers from the National Assembly. The opposition responded by launching a nationwide protest campaign against what they call a “coup on democracy,” and within the week the court overturned its decision. Weeks later, with protests escalating, the system seems to have been shaken for the first time in a decade. Meanwhile, numerous opposition representatives have been jailed, and at least three dozen civilians have been killed so far in protest-related violence.
Venezuela has been hit with a severe economic crisis over the past few years, and the International Monetary Fund predicts that the inflation rate could easily reach 1,660 percent next year, which would be the highest in the world. The new normal in the country is one of skyrocketing crime and a lack of basic necessities in stores.
Venezuela is a towering case study of how bad governance, corruption, and autocracy can turn a country with the world`s largest oil reserves and tremendous human capital into a disaster.”
Read the whole piece here. Photo: AP Photo/Ariana Cubillos.