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In case you wonder about Guyana: they discovered a lot of oil in the 2010s.
And ESA’s rocket launch complex.. Wrong country, sorryI guess that does employ a whole bunch of people, but idk if it’s enough to raise the gdp per capita significantly.
Edit: also wrong country, the ESA center is in French Guyana.
Yes, I just realize it’s the wrong country. Sorry
That’s in French Guiana. https://en.wikipedia.org/wiki/Guiana_Space_Centre
Oh crap, that is embarrassing. Thanks for the correction
i wonder why the fuck guyana with 60k has the same colour as argentina with 27k
like, come on. That’s not how that should work!
Is adjusted for inflation?
Tf happened to Venezuela?
Mildly communist government fucked their economy. Corruption ate the state oil company from within.
Communism was the ideological proposal to justify authoritarian power. The political measures themselves weren’t communist at all. They seized the means of production… then accumulated those means in the hands of a small group of people who supported the ruling party to stay in power.
Isn’t that what happens every single time?
And not even, like, smart communists. The kind that think printing more money to pay for stuff is no big deal.
But MMT says I can (probably misrepresenting it severely, that’s what I’ve been given to understand by internet comments)
MMT says you can get away with spending slightly more than you take in. The logic is that if you can print it you’re not going to run out, per se, and a small amount of inflation is thought to be good anyway. I’m not qualified to comment on how correct that is, but it’s true most countries accumulate debt over time, and nobody in finance cares until it’s multiple times the annual GDP.
If you’re straight up pretending that making more money gives you more stuff, your green paper is just going to lose the fight with reality. Places like Venezuala or Zimbabwe, instead of taking the hint early on, double down, and that’s how you get 100 trillion dollar bills after a while.
You’re implying there’s smart communists to begin with
Vietnam is doing pretty well actually.
I mean, the USSR didn’t have hyperinflation until they were trying to redo the recipe at the end. “Money is real, and making more will help” is honestly a weird line of reasoning for people who hate “capitalism”.
Depending on how you define smart, sure, there’s been smart ones. At this point there’s an accumulation of evidence markets work better than the Soviet system of markets+random constant intervention, but that wasn’t always the case, and even now there’s people who are smart but have Ben Carson syndrome, and think because they’re good at their field they understand economics, and can quantify it’s limitations with no research.
By some people’s standards I’m a communist, too, since capitalism is poorly defined, and communism is often just defined as the opposite of it.
Dictator
Brutal US sanctions cut them off from global trade. An over-reliance on oil meant their economy crashed along with oil prices. A seemingly high level of corruption in government. Multiple coup attempts by foreign actors.
Our hyperinflation crisis pre dates US sanctions by about 3 years. People were dying of hunger on the rural towns way before the US sanctions. I mean, fuck the US, but they aren’t particularly the reason we are fucked up beyond recovery. And to call them brutal is an exaggeration. They are actually some of the mildest, milk toast sanctions that a country might impose on another. The rich in power still ride around in US made Lamborghinis, Fortunners and Teslas. While the rest of the population works for $5 a month.
Guyana killing it.
The reward for that is that they have to fend is invasion from Venezuela.
Putin tried to get maduro to stir up another conflict to distract the US from Ukraine. Maduro flew to Moscow right before trying that invasion
Does 4-5x outpace inflation?
Per the map it’s “GDP purchasing power per capita” which sounds inflation adjusted.
Probably not, but I think it must be inflation adjusted.
How could Venezula start out as the strongest, keep the exact value and end up being in last place?
Dictator
Extreme US sanctions because the US has to play Team America World Police against any country that dares socialism.
This is not true. Our economic crisis started with the drop of the oil price which predates US sanctions by 5 years.
Certainly is drastically making things worse now though, right?
Not particularly. Read up on it from an unbiased source and you’ll notice that most vital humanitarian items (medicines, food, vaccines, etc.) are exempted. While luxury and consumer items are mostly untouched as well. It’s actually private personal accounts and industrial transactions of the politically affiliated capital owners, that support the current government, that are sanctioned. Also oil sales specifically. The sanctions were also gradually reduced for almost two years during negotiations, then completely halted after a partial agreement in October last year.
The, “us sanctions are killing Venezuelan people” is actually a global left propaganda piece. The Chavista government was killing Venezuelan people and stealing money way before the US instated sanctions.
I wonder what is driving Chile and Argentinas growth?
A bit surprise about Argentina since I heard they had problems with the economy for a long time. And well Chile as well since in many aspects it is a poor country, with big inequalities.
China is a big trade partner with Chile. I would assume Argentina or most South American countries too. Chile has a bunch of shipping ports and China has ships with crap it wants to sell.
Those Argentinian numbers look a lot suspicious
It’s being distributed, right? Right?
You were downvoted but it’s a valid point. Wealth inequality is huge in south america and I was pretty sure that Argentina is on a massive economic crysis right now, things have not improved across the board here.
