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Why Venezuela's Booming Oil Economy Hasn't Created Prosperity

By all accounts, Venezuela should be one of the richest nations in the world.

They sit on the world’s largest oil reserves, and a socialist government put in place by Hugo Chavez and maintained by current president Nicolas Maduro should, in theory, be bringing prosperity to everyone in the country.

So why are people protesting in the streets because of a faltering economy, and record inflation? Where did things go wrong here?

Take a look at the mathematics of the industry, as laid out above.

Shout out to Forbes for compiling the numbers in this piece.

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