Venezuela: The Rise, Collapse, and Path to Redemption
Venezuela: The Rise, Collapse, and Path to Redemption A Special Report Introduction: The Fall of a Giant Good evening, listeners—and for our readers, welcome. Tonight, we tell one of the most dramatic economic stories of the modern era: How Venezuela went from the 4th-richest country in the world to 174th in just two generations. Yes, you heard that right. In 1950, Venezuela’s per capita income—adjusted for purchasing power—was higher than that of Germany, France, or Japan . It was the third-richest nation in the entire Western Hemisphere , trailing only the United States and Canada. Oil flowed like water. Caracas was called “the Saudi Arabia of the Caribbean.” Skyscrapers rose. Immigrants poured in from Europe and Latin America. The future seemed limitless. Fast forward to 2025. The same country now ranks 101st globally in GDP per capita (PPP) and as low as 174th in nominal terms —worse than war-torn Syria, impoverished Haiti, and even Zimbabwe in some metrics. The economy...