Table of Content


1. OVERVIEW
1.1. Catalyst
1.2. Summary

2. ECONOMIC POLICIES OF CHAVEZ LAID GROUND FOR CURRENT PLIGHT
2.1. Chavez mismanagement squandered an advantageous economic position
2.2. Economic management harmed ability of ordinary people to create wealth

3. WIDESPREAD USE OF PATRONAGE AND CORRUPTION HAS HOBBLED ECONOMY
3.1. Management of national oil company ruined productivity
3.2. Ferrominera fraud demonstrates extent of damage to have been done to essential industries

4. ATTACKS ON PRIVATE ENTERPRISE HAS HUMBLED VENEZUELAN ECONOMY
4.1. International businesses leaving Venezuela reveals much about economic decline
4.2. Fall of domestic private enterprise crucial to collapsing fortunes
4.2.1. Price controls crippled business activity, driving down economic fortunes
4.2.2. Crime is destroying ability of small business owners and entrepreneurs to generate wealth
4.3. Failure to reverse course exacerbated now long standing issues

5. INCITING A RECOVERY REQUIRES COMPLETE REFORM OF GOVERNMENT
5.1. Fundamental reform must start with a change of government
5.2. Releasing US sanctions demands massive changes, but these are not immediately likely to occur
5.3. Assuming major change occurs, getting oil industry working again is vital

6. APPENDIX
6.1. Abbreviations and acronyms
6.2. Sources
6.3. Further reading

7. ASK THE ANALYST

8. ABOUT MARKETLINE



List of Figures


Figure 1: Hugo Chavez
Figure 2: PDVSA
Figure 3: Abandoned farm in Venezuela
Figure 4: Oil price US$ May 2009 to May 2019
Figure 5: Radwan Sabbagh
Figure 6: Goodyear Venezuela factory
Figure 7: Kellogg plain packaging
Figure 8: Venezuela inflation percentage 1999 to 2017
Figure 9: 2018 homicide rates in Latin America and the Caribbean
Figure 10: Juan Guaido
Figure 11: Citgo

 

List of Tables