By Gary Wilson
Venezuela has a monoculture economy, a legacy of colonialism. That means that the world market price of a single commodity largely governs the state of its economy. When the price of oil is high, U.S. dollars flow into Venezuela. The Venezuelan economy booms and employment grows. But when the price of oil drops, money flows out. When this happens, the economy falls into crisis.
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howeveragain said:
Venezuela became independent on 5 July 1811. 35 years and a day after the USA, so blaming colonialism for the state of their economy is LAME and very poor journalism. yeah-seems-legit liked this
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