Economy GDP per capita in 1950 Venezuela #4 and richest in Latin America

[Bacchus4.0]

From the 1950s to the early 1980s, the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America

https://en.wikipedia.org/wiki/Economy_of_Venezuela


http://www.nationmaster.com/country-info/stats/Economy/GDP-per-capita-in-1950

The next Latin American country is #12 Argentina

Gross domestic product (GDP) is a monetary measure of the value of all final goods and services produced in a period (quarterly or yearly). Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

1 United States $9,573.00 1950

2 Switzerland $8,939.00 1950

3 New Zealand $8,495.00 1950

4 Venezuela $7,424.00 1950

5 Australia $7,218.00 1950

6 Canada $7,047.00 1950

7 Sweden $6,738.00 1950

8 Denmark $6,683.00 1950

9 Netherlands $5,850.00 1950

10 Belgium $5,346.00 1950

11 France $5,221.00 1950

12 Argentina $4,987.00 1950

[Beakybird]

1. So the DU member who said that this is completely made up

by the media, might be wrong. Here's what he wrote: https://upload.democraticunderground.com/110857589

[Bacchus4.0]

3. Yes, he often is and he provided no evidence for his claim nt

[quartz007]

2. and now Venezuela has food shortages!

what caused the demise of this once richest country in S.A.?

[GatoGordo]

4. Chavismo.

I'm no fan of Ayn Rand's Atlas Shrugged, but it Venezuela under Chavismo fits this description to a T:

"When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed"

I honestly think that Chavez picked up a copy of Atlas Shrugged 20 years ago, and thought, "I can screw up an economy better than that!"

[GatoGordo]

5. How much worse will it get?

Awaiting better days, multinationals keep Venezuela units alive - barely
Eyanir Chinea, Corina Pons
VALENCIA, Venezuela (Reuters)

"As of April 2016, half of Venezuela’s working population was either jobless or employed only in part-time, “informal” jobs, like street vending, according to the last available official statistics.

Compounding the pain, consumer spending slumped by 15 percent last year and is expected to decline by yet another 25 percent this year, according to local consulting group Ecoanalitica.

Venezuelan businesses are enduring their worst moment in decades, with at least two in every 10 factories halted, according to a Conindustria, the country’s main industry association.

President Nicolas Maduro’s government defends policies, like widely-criticized currency controls, that many businesses say wrecked the economy. He blames the halving of international oil prices since 2014, which slashed Venezuela’s revenues.

Maduro also accuses foreign firms of intentionally limiting investment and production as part of an “economic war” waged by political opponents and the United States.

The Information Ministry did not respond to a request for comment."

-snip-

http://www.reuters.com/article/us-venezuela-companies-insight/awaiting-better-days-multinationals-keep-venezuela-units-alive-barely-idUSKBN1CB0DX