ARTICLE PUBLISHED BY TOMORROW’S AFFAIRS

Many commentators state that the United States’ intervention in Venezuela is all about oil. However, they seem to ignore the reality of what has happened in the country.

The current system has been one of squandering and stealing oil for decades.

Venezuela’s oil sector, once the most efficient in the industry, has been systematically looted and weaponised by the socialist Chavez-Maduro regime and its political allies, turning the world’s largest proven reserves into a poverty machine instead of a development engine.

Any serious recovery will require dismantling this network of political exploitation, restoring the rule of law, recapitalising PDVSA, and orienting exports in transparent market conditions.

Venezuela is not poor due to sanctions. It is poor because the Chavez-Maduro regime stole hundreds of billions of dollars and demolished the productive fabric of the economy.

Venezuela had 12,700 private companies when Chávez came to power, according to Conindustria. Only about 3,800 manufacturing industries are still operating, of which around 3,200 are privately owned and 600 are state‑owned.

The assault on private property culminated with the expropriation of more than 690 companies in twelve years. Government-run businesses failed, and large state-owned companies in Venezuela are technically insolvent or heavily loss-making.

Socialism of the XXI century, they called it: government expropriations, price controls, capital controls, and complete absence of legal and investor security.