What happened to Venezuela?

 Why Venezuela could not become a leading nation, even though it has the world's most desired resource in its possession.

I believe that, Educated does not mean smart.

In the case of Venezuela, having possession of the world's most desired resource, oil

does not make you a rich or stable country if you don't have the right leaders leading you.

Venezuela provides an example of how to waste the world's largest crude oil reserves by having unjust and corrupt governance.

Like most Latin American nations, Venezuela has a high percentage of urban poverty, a massive foreign debt, and widespread corrupt governmental practices. Its economy benefited from a thriving petroleum industry, accounting for about 95% of the country's export revenue.

The country was largely affected by controversial leaders, who led it to its downfall, causing a significant decline in its thriving petroleum industry. Venezuela's leaders were more focused on reducing the USA’s influence on them and gaining other Latin American countries favour, which led them to bestowing large loans to its neighbours, which they exploited from the country’s oil wealth. Doing this the government overlooked domestic problems that needed more attention such as inflation, and poverty to the extent that the people could not afford one meal a day.

Mismanagement during Chávez’s presidency paved way to a massive decline in oil production. The government of Venezuela failed to maintain the oil industry and its growth, even when oil dominated the economy. President Chávez bet everything on social programs and borrowed heavily.

When the oil prices took a nosedive in 2014, so did the Venezuelan economy.

Would Venezuela see a different future if they had a more able government?

Venezuela is like a compulsive gambler, who continues to make bad bets and doesn't know when to stop.