Mars posted:RiffRaff posted:The bigger issue is how such a developed and rich country like Venuzuela has come to near starvation....Guyana don't have resources like them, but seems to be better off
The stupid fools didn't learn from the mistakes made by Jagan and Burnham pursuing Communism and nationalizing the major industries.
The dynamics in Venez is very different. As Bibi stated, they missed the opportunity to develop a disciplined diversified economy due to the easy oil money. This resulted in their domestic Agro industry shrinking and the food supply. There are many oil rich nations in this boat. I believe there is some external destabilization forces exploiting the situation.
You must remember, food is inelastic so a small excess supply could result in a big price drop and conversely, a small shortfall could result in panic and starvation. Over the decades, Venezuela's population left the land and became more urbanized, as such, very dependent on external food supplies.
This is a lesson for countries like Guyana, which ever Govt is in. Even if oil comes, don't overlook the domestic Agro industry. Any Govt should ensure a balance development model and economy!