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But before Chavez the economy was considerably more diverse. His policies turned a vulnerability into a ticking time bomb.
by gozur88 9y ago
But before Chavez the economy was considerably more diverse. His policies turned a vulnerability into a ticking time bomb.
- crdoconnor 9y agoIt really wasn't. It moved from maybe 80% to 90% of exports. They were already in the full throes of Dutch disease when Chavez took power. Saudi Arabia has failed just as badly at diversifying their economy for pretty much the exact same reason.
- gozur88 9y agoExports only tell part of the story. Much of what a country consumes is produced locally, so just looking at exports ignores the collapse of industries like construction and agriculture.