Venezuela’s Spectacular Underperformance

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Venezuela is a major oil-exporting economy that is so badly mismanaged that real (inflation-adjusted) per capita GDP today is 2% lower than it was in 1970, despite a ten-fold increase in oil prices. And now its president is lashing out at academics who have the temerity to point that out.

CAMBRIDGE – If it were not such an affront to the freedom of expression, we would almost be amused by Venezuelan President Nicolás Maduro’s recent tantrum over a commentary by economists Ricardo Hausmann and Miguel Angel Santos. Venezuela has long lashed out at the International Monetary Fund for daring to suggest that its macroeconomic policies might not be working well. Now its president is lashing out at academics.

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