Home South America Corruption: The Underlying Reason for Venezuela’s Downfall

Corruption: The Underlying Reason for Venezuela’s Downfall


Many people attributed the downfall of Venezuela to its socialist political structure. Members of the conservative political party strongly claimed that its socialist policies, for instance, its universal health care policy, is what caused the devastating living conditions suffered by the Venezuelan people. These people, when they talk about socialism, could not help but implicate the collapse of the Venezuelan government to it.

However, such speculative thought was not heeded by some respected scholars who offered closely-linked explanations of the true reason why Venezuela reached such awful fate.

University of Texas economics professor James Galbraith said that putting the blame on socialism for Venezuela’s downfall is nothing but a mere rhetorical tactic. He made a comparison between Cuba and the other 3 countries such as Guatemala, Honduras, and Haiti to strengthen his statement.

Professor Galbraith accounted that in terms of life expectancy and education, these 3 non-socialist nations are incomparable to Cuba, a socialist country. Cuban people, he says, have better living conditions than these 3 countries, not mainly because it adapts socialism, but because corruption is not deeply entrenched in the Cuban government. And that exactly what makes Cuba better off than these other non-socialist nations.

Another grounded explanation provided was from another professor of economics and finance, Anat Admati. She says that no ideology will ever hold society together so long as there is immense corruption. She further contends that despite how any government works hard in crafting laws and policies, if these policies only serve the best interest of the few major players in the society, capitalism and even socialism will still be a failure.

It’s just saddening to witness how the common people are being fooled and used by corrupt government leaders. She strongly urges for a more transparent government that holds great accountability to its people.

As explained by these scholars, the fate therefore of Venezuela is clearly due to its corrupt political, economic, and social structure. Corruption, likened to a malignant tumor, would surely devastate other nations as well just like how it tore apart the moral fabric of Venezuelan society.

American society, for instance, should be more vigilant towards the dangerous effects of allowing money to influence any of their political agenda. If there is one thing that American leaders should fear more, it’s not the leftist group whom they always suspect to cause instability in their political activities.

They should rather be more fearful of the terrible outcomes if corruption becomes the norm, not just in the political sphere, but in the society as a whole. When this happens, American society will have to deal then with radical inequality, which is a sure sign that a certain society is already heading towards its own demise.

For now, at least there are some wealthy individuals who are expressing their concerns regarding income inequality and how it can bring about the downfall of their society. A group known as the Patriotic Millionaires, which was formed in 2010, strive to increase the political power of the working class and focusing on policies which could reduce inequality as much as possible.


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