:spinnenrad: Springoat :spinnenrad: on Nostr: Lefties love to say the Vz economy died due to embargoes. It didn't. If died because ...

Lefties love to say the Vz economy died due to embargoes. It didn't. If died because Chavez and Maduro set price controls below the cost of production. So anyone making food (or anything else) stopped because they were losing money.

They were making up for this by using oil profits to buy foreign food which got rationed out to party favorites first, and anyone they didn't like last (or never). But they didn't reinvest and of the profits in maintainence for the equipment so eventually it ground to a halt.