Oxford University Press's
Academic Insights for the Thinking World

  • Author: Jonathon W. Moses

What Norway might tell us about Venezuela’s economic crisis

It is common to blame Venezuela’s current crisis on the price of oil. Despite sitting atop the world’s largest proven oil reserves, the Venezuelan economy is in a shambles and the country is gripped by chaos. When the price of oil fell precipitously in 2014, so too did Venezuela’s access to foreign exchange. Without this money, Venezuela has been unable to buoy the country’s national oil company and the social programs and food subsidies that support the sitting government.

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