Dictator

Venezuela has more oil reserves than any country at over 300 billion barrels. Like most countries the oil business was developed by US companies. In 1960 Venezuela joined OPEC and established its first state oil company and increased taxes on oil companies to 65% of profits. In the 1970's Venezuela had the highest per capita income in Latin America.   In 1998 Chavez was elected president on the promise that he would nationalize the oil industry and share the profits with the people. This would include seizure of property and redistribution of wealth. Over the next 20 years oil production fell from 3 million barrels per day to less than 500,000. Chavez died in January of 2021 and the current dictator Maduro took control. The country has descended further into chaos with hyper inflation and shortages of necessities like food. Millions have left the country in the past couple of years and many are headed for the US. Many times throughout history the promise of sharing the wealth has led to the election of a leader who over time becomes a dictator and the economy is destroyed. Many experts expected this to happen to China but the government is still holding on to power and the lives of people have improved. The question has always been how long will people with a taste of economic freedom put up with political dictatorship. The answer is until the military refuses to carry out the orders of the dictator. Recall Tiananmen Square, the riots in Hong Kong and the unrest do to Covid today.