Venezuela's path from 4th to 82nd wealthiest nation


Despite having the world's largest oil deposits at about 1.3 trillion barrels, Venezuela has taken socialism's path downward from the 4th to the 82nd wealthiest nation on Earth.

The sad decline began with the election of Colonel Hugo Chávez in 1997 as Venezuela's president. Winning with 56 percent of the vote, he blamed exploitation by the rich to push through a constitutional restructuring to create a true socialist state. With Under his heir, Nicolás Maduro, inflation jumped to 240 percent through 2016, then 830,000 percent in late 2018, and is currently trending at about 10 million percent.

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