Stories about the basket case Venezuelan economy are rampant. There have been stories about toilet paper shortages and shocking images of long lines for food at the grocery store.
So what’s wrong?
Two charts that stand out: How Venezuela is perceived in terms of property rights and use of government funds. In both categories, Venezuela is literally dead last.
So, there you go. When the perception of your government and property rights are the worst in the world, there’s basically no hope for a strong economy.