Alejandro Velasco: Explaining Venezuela's crisis

Hugo Chávez’s rise to power inspired leftists around the world. But today, Venezuela is in a profound economic and political crisis. A huge decline in oil prices gutted the revenue stream that Venezuela depended on to bankroll its social spending. The government led by Chavez’s successor Nicolás Maduro is increasingly turning to repression in response to constant, and often violent, protests from the opposition. NYU historian and NACLA Executive Editor Alejandro Velasco explains what’s happening in Venezuela, how it happened—and how the promise of the Bolivarian Revolution might still be salvaged. Thanks to our supporters at nacla.org, an unrivaled source for left-wing news on Latin America.