"At the same time, on the other side of the Atlantic, in Venezuela, the authoritarian populist Hugo Chávez and his disciple Nicolás Maduro initiated a similar policy of massive spending, corruption and nationalization. The difference was that Chávez had control over the world’s largest oil reserves at a time when oil prices were soaring, so he received almost $1,000 billion that could keep that policy afloat for a little longer. That was enough for Chávez to be the left’s favourite demagogue for a while. Bernie Sanders said that the American dream was more alive in Venezuela than in the US. Labour’s Jeremy Corbyn praised Chávez for showing that ‘the poor matter and wealth can be shared’. Oxfam called Venezuela ‘Latin America’s inequality success story’. In an open letter to ‘Dear President Chávez’, luminaries of the Left such as Jesse Jackson, Naomi Klein, Howard Zinn and others state that they ‘see Venezuela not only as a model democracy but also as a model of how a country’s oil wealth can be used to benefit all of its people.’ On paper, that $1,000 billion was enough to make every extremely poor individual in Venezuela a millionaire. But still, it is not much money if you do not invest it productively and if you destroy the ability to create new wealth with nationalization and price controls. When the price of oil began to fall only slightly, it became obvious that the business sector was in a shambles and the oil industry had been demolished by corrupt mismanagement and underinvestment. The result was one of the worst economic disasters to have occurred anywhere in the world in peacetime. Between 2010 and 2020, Venezuela’s average income plummeted by an incomprehensible 75 per cent. South America’s richest country suddenly turned into South America’s poorest country with breadlines and a mass exodus from an increasingly tyrannical state. Around seven million Venezuelans have fled the crumbling country, an unbelievable 25 per cent of the country’s population. Since then, Venezuela has been less frequently mentioned as the hope of the international working class."