A picture is worth 1000 economic explanations. Unfortunately I cannot copy the amazing picture
here, but I refer to Quico’s blog.
Only in Venezuela.
(posted by Bruni)
Observations focused on the problems of an underdeveloped country, Venezuela, with some serendipity about the world (orchids, techs, science, investments, politics) at large. A famous Venezuelan, Juan Pablo Perez Alfonzo, referred to oil as the devil's excrement. For countries, easy wealth appears indeed to be the sure path to failure. Venezuela might be a clear example of that.