Its middle class was large by regional standards, and well educated. The country had one of the biggest oil reserves in the world. The capital was a clean, modern city. Now there are toilet paper shortages in Caracas. Venezuela has the highest murder rate in the Western Hemisphere. Virtually everyone who can leave already has. How did this happen? Simple: a small number of families took control of most of the Venezuelan economy. Wealth distribution this lopsided would work under many forms of government. It doesn’t work in a democracy. Voters deeply resented it. They elected a demagogic
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