PJ Stroh writes: . . . " its [sic] not very intelligent to compare a banana republic like Venezuela to a modern democracy like those in Western Europe or our neighbors to the north."
Venezuela was a bit more than a "banana republic" back in the days before the arrival of Hugo Chavez. Why heckfire, . . . as recently as 2009 Stefania Fernandez, Miss Venezuela, was crowned Miss Universe.
In 1998 Venezuela was producing 3.5 million barrels of oil per day, and life was improving for its citizen.
Then the self-proclaimed Socialist Hugao Chavez became President, . . . and in 2002 el Presidente replaced 19,000 employees of the State Owned oil company with employees loyal to himself.* Why ? Umm, because he could ! These employees demonstrated no expertise in the oil business.
In 2007 el Presidente expropriated the in-country assetts of Exxon Mobil and Conoco Phillips, . . . a socialist-sort-of-thing-to-do.
Since then oil production has fallen to less than 1.5 million barrels per day. Even today Venezuela still has the largest proved oil reserves in the world ! But a Socialist can screw up anything.
* Replacing employees with those loyal to the Head of State is something the United States cannot do because i. the US oil companies are share-holder-owned corporations not Government entities and ii. the Constitution limits the power of The State in deference to the Citizens. This is why poor old DonDiego stated above that he prefers the protection of a thoughtful Constitution over that of a Socialist President. qed
Ref:
How Venezuela went from the richest economy in South America to the brink of financial ruin
Charting the Decline of Venezuela's Oil Industry