“Oil didn’t wreck Venezuela’s economy, socialism did.” That’s what Pascal-Emmanuel Gobry, of the Washington-based conservative think tank Ethics and Public Policy Center, wrote earlier this year in his reflection on Venezuela’s deepening economic crisis.
Gobry, a prolific writer for Forbes and the Wall Street Journal, criticised Venezuelan analysts who scapegoat oil, even though he recognised that declining oil prices have aggravated the nation’s difficulties.
“The culprit is clear and obvious,” Golbry contends. “The problem is Venezuela's authoritarian socialism.”