It is true Venezuela’s economic problems are in large part due to that country’s socialist command economy, but this overlooks the role played by the United States, the United Nations, and the European Union. Over the last five years, the US has imposed financial sanctions on Venezuela. It has cut it off from western financial markets and this has resulted in oil production shortfalls. Venezuela is unable to raise capital to address deficiencies in the oil sector of its economy. This situation...
