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In the era of relative market freedom, many of Venezuela's best years were during times of low oil prices. Trying to blame Venezuelan socialism's failure on oil prices only highlights how fragile economies are without markets.
Corporate WelfareThe Police State
By the 1970s, the Venezuelan economy was in deep trouble. The half-hearted reforms that followed, paved the way for the rise of Hugo Chávez.
Global EconomyPrivate Property
