Seven books that help explain Venezuela’s current crisis. Prostitution and trafficking. Venezuela: Economic depression set to deepen despite government measures to fight Covid-19. The mainstream narrative explanation is that the crisis is the result of economic mismanagement and the ideological rigidity of the country’s “authoritarian” Chavista led-government. Brazil and Colombia have seen large amounts of refugees coming through their borders. Its educated, professional class has fled. Water shortages, nationwide blackouts, soaring food prices: For years, Venezuelans have struggled to make ends meet as their country has been submerged in an economic and political crisis. The country owes $100 billion to foreign creditors. These are people who are crossing by foot to move to nearby towns or bordering towns.

It’s an economic crisis that has begotten a humanitarian crisis that’s fueling a migrant one. In a new series, each week an FT journalist will share their recommendations for further reading on a topic in the news .

by Patricia Sabga 01 Feb 2019 18:17 GMT

A closer look at what is behind the country's spiralling political and economic crisis. Venezuela crisis Image copyright Getty Images Image caption Inflation has spiked in Venezuela, making it difficult for people to afford basic essentials Venezuela has for several years faced a devastating economic collapse that has created a humanitarian crisis and caused millions to flee the country. Venezuela: Inflation eases to near two-year low in December amid rapid dollarization of the economy. This is what happens when an economy and a society disintegrates due to economic … Highlighting the economic crisis and lack of work in Venezuela which the oil-rich country attributes to sanctions, the OHCHR report noted how internal migration to the mining area has increased “dramatically” in recent years, with workers engaging in arduous and informal labour. March 26, 2020. The most important effect has been for the bordering countries. The contextualisation of this factor and the chronology of events related to economic polices help rule out the explanation that the socialist character of the government was the cause of the crisis. The economic crisis may very well result in a combination of a number of possible outcomes: the emergence of another strongman, the re-emergence of some kind of functional democracy, or even a civil uprising, civil war or military coup. Below is a timeline on how Venezuela’s political crisis has evolved since the death of socialist leader Hugo Chavez, against a backdrop of hyperinflationary economic collapse in the OPEC nation. On 17 March, a nationwide quarantine was declared by the government to fight the Covid-19 health crisis. Venezuela's state-run economic model wasted the world's largest oil reserves.