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The Plummeting Economy Of Venezuela

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The Plummeting Economy Of Venezuela
The plummeting economy in Venezuela has led to complete turmoil. The failing economy was caused by the drop in in oil prices. Venezuela was very dependent on the profit from oil export. When inflation ensued, prices of everyday household goods skyrocketed. Products such as toiletries, milk, sugar, etc. The inflation has drove the people of Venezuela into a panic, such a panic is to be expected. It is ironic, how history always seems to repeat itself. Not so long ago, the Soviet Union (USSR) endured a very similar situation. The linking factors between Venezuela and the USSR are socialism and their reliance oil export.
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