social crisis of capitalism, US intervention
BY SETH GALINSKY
But expansion of government social programs, price and currency controls, and nationalizations did not make Venezuela less vulnerable to the impact of the worldwide economic crisis that is bearing down especially hard on semicolonial countries. As the crisis sharpened, so too have the contradictions of a third road, later coined “socialism of the 21st century.”
Venezuelan oil production has declined 25 percent since 2001. Inflation, between 20 and 30 percent annually, has hit working people especially hard. And crime has become a rampant social problem.