How to Recover from Decades of Socialism: A Conversation With ‘Money Doctor’ Steve Hanke
21st February 2026
Having removed Venezuela’s socialist President Nicolas Maduro in January, the Trump administration is now endeavoring to rebuild Venezuela after decades of corruption, neglect, and theft.
Under Maduro and his predecessor, Hugo Chavez, Venezuela declined from what was once South America’s richest country and among the 20 wealthiest in the world to “a failed petrostate.” Between 2014 and 2021, Venezuela’s gross domestic product shrank by more than 70%.
Today, the country’s infrastructure is in tatters, its judicial system is riddled with corruption and cronyism, and, given Venezuela’s history of expropriating private assets, many foreign investors say the country is “uninvestable.”