Jorge Jraissati

Subhead: Contrary to Biden’s thinking, the M

“Democracies do not die on specific dates or when specific laws are passed in congress. Democracies die in a more subtle manner. They die gradually; not when certain politicians are elected, but when certain ideas permeate the public discourse of an entire country.”

“La Resistencia es Libertad,” a new message heard all over Venezuela.

Last week, Venezuela experienced its latest sham election. This time is an “election” to renew the country’s national assembly, which is the only institution controlled by the opposition, and the only institution recognized by the international community. 

In this week’s column, Jorge Jraissati studies the relationship between the COVID-19 crisis and the consumer price index in Spain. Jorge has been hearing anecdotes about price increases in Spain, which contradicts the macroeconomic indicators of the country.

In the middle of the biggest economic collapse of any nation in modern times, Venezuela is experiencing a fundamental, and perhaps irreversible, change within its economic system. Since 2019, Venezuela has been driving full throttle towards an economic phenomenon, which I refer to as implicit dollarization.

Pope Francis has manifested on numerous occasions his anti-capitalist vision of the world. In his latest encyclical, entitled Fratelli Tutti, Francis argues that the COVID-19 crisis exposed inherent problems of the free market system.

On Tuesday, Maduro proposed new legislation that encompasses the privatization of the oil industry, the possibility of returning expropriated companies to their original owners, and the free trade of strategy goods, such as fuel.

The main constraint for growth in Venezuela is not related to market failures nor any purely economic issue, but to the political institutions of the country. As a result, Venezuela exemplifies that the economic issues of most nations are a result of their bad governance.

Last month, I wrote an article about Venezuela’s business environment