Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse which saw the oil rich country become one of the poorest in South America. There are emerging signs that Venezuela is on the verge of becoming a failed state. Oil plays a dominant role in Venezuela being responsible for almost all export income and a significant proportion of gross domestic product. The oil rich Latin American country’s once mighty petroleum industry, which long ago was responsible for producing a tenth the world’s oil, has virtually collapsed. This has cast Venezuela’s economy into the abyss, triggering a crisis of immense proportions which has forced nearly five million Venezuelan’s to flee their homes for neighboring countries as they struggle to find a means to survive. It is also applying considerable pressure to the administration […]