Venezuela Declined Under 21st Century Socialism

Venezuela went from being arguably the richest, most sophisticated, and most politically stable country in Latin America—with ~90% voter registration and turnout—into a declining autocracy after Hugo Chávez's '21st century socialism' gutted its industrial sector, leaving an oil-dependent economy where the government pays off the military, elites tied to the government prosper, everyone else works informally, and about a third of the population has fled.