You are here

T&T can learn from Venezuela’s woes

Wednesday, March 30, 2016

In Ms Panday’s Easter Sunday article, she correctly analysed the Venezuelan economic situation to turn on the alarms in T&T so the country doesn’t follow that path. 

The description was accurate but she avoided analysis of the causes. The main culprit of Venezuela’s woes is the socialist system the leftist government Venezuela has had in the last 17 years. 

With purpose and determination, Chavez and now Maduro have been relentlessly destroying the private enterprise. Construction industry, cement and steel factories, super markets stores, import firms, medical private care, etc, have been seized to be run by the workers or the state. 

The result has been a widespread bankruptcy of all those thousands of enterprises that produced the panorama described in her article. Even the safety net of US$700 billion earned by the oil price did not prevent the present outcome. 

In Trinidad, you have a much better perspective since you have a democratic government, independent judicial and legislative powers and a respect of the law that present to the investor a safe country to invest. 

The other lesson Venezuela could teach T&T is to be aware of the temptation to have a powerful head of state as a way to increase efficiency.

Venezuelan expat