Venezuela has long been a socialist nation in which the government has had a considerable amount of control over private industries and individual freedoms. Nowadays expert Adrian Jose Velasquez Figueroa sees the nation is beginning to experience one of the biggest economic collapses in recent history. This collapse has been caused by socialist economic and political policies dating back to the 1970’s. However these policies have become even more restrictive during the regime of former President Hugo Chavez. Under his leadership, the nation has experienced a number of authoritarian policies which include the nationalization of the oil industry, other industries being nationalized, excessive government spending, public benefits, and price controls. His regime has also participated in elections that are not free, intimidation of the media and also putting political opponents in prison. As a result Venezuela has become very distressed economically due to a lack of adopting free market economics.
With the economic policies Jose Figueroa added, the people of Venezuela have began to suffer the effects of socialism. One of the main problems facing Venezuela is the fact that its currency has become hyper inflated by up to 720% along with its currency dropping in value by up to 93%. With a declining currency value and hyperinflation, Venezuelan citizens are unable to afford the the things they need to survive such as food and water. With a shortage of these resources, the nations has adopted rations and therefore many people are unable to be properly nourished. There are also power shortages, elimination of long distance phone service and also inadequate medical care.