The Collapse of Venezuela: Scorched Earth Politics and Economic Decline, 2012–2020

In charting the catastrophic economic collapse of his native Venezuela, Rodríguez, a political economist, combines technical expertise with insider insights from his years in public service. During the 2010s, Venezuela’s per capita income plummeted by over 70 percent, propelling millions of citizens to emigrate. Bad economic policy and corruption played a role in this tragedy, but contrary to talking points advanced by many critics of President Hugo Chávez and his successor, Nicolás Maduro, those were not the main factors. According to Rodríguez, two other variables explain this unprecedented tragedy: the country’s excessively powerful executive branch (and winner-take-all politics) and the maximalist economic sanctions imposed by the first Trump administration. Rodríguez is particularly critical of radical elements within the Venezuelan opposition and diaspora for drawing the United States into “scorched earth” sanctions against Venezuela’s oil exports, which impoverished the country but failed to trigger regime change. To overcome the country’s seemingly intractable political deadlock, Rodríguez advocates institutional reforms that encourage more moderate political behavior and allow losers to exit power peacefully.