Venezuela:

Socialist governments have been in power since 1999, taking over the country at a
time when Venezuela had huge inequality. But the socialist polices brought in which
aimed to help the poor backfired and the few Venezuelan businesses producing
those items no longer found it profitable to make them and started exiting the
country.

But during Chavez’s term, oil prices were booming, so there was no problem in
subsidizing all products and services. It all changed from 2012-13 when there was a
sudden dip in oil prices.

To counteract it, Chavez and later Maduro placed foreign currency controls and
nationalised its oil drilling and refining companies, which exacerbated the situation.

Inflation is at an all time high, with prices doubling every 19 days. This has made it
impossible for people to buy essential foods and toiletries.

Immigration from the country has touched 4 million, mainly to the neighbouring
Columbia and Peru.

Current situation:

Maduro has been trying to control the entire political system ever since his re-
election (rigged according to several Western correspondences) in March this year.

He has banned the National Assembly, led by his opponent, Juan Guaido, and
created a new National Constituent Assembly in its place filled with Maduro’s
loyalists.

Guaido is currently recognized by over 50 western countries as the legitimate

president, whereas Maduro has the approval, among other countries, of Russia and
China.

The Armed Forces hold considerable power in the country, and their support to
Maduro is preventing a coup-d-etat. Maduro, is giving control of several key positions
to army officials to keep his term intact.