Venezuela’s current economic and humanitarian crisis started in mid 2013. With oil prices still over $100 per barrel, the country entered in a recession that has not stopped since. 6 years later, Venezuela’s economy has shrunk by more than 60%. Income poverty went from 40% to 90%. The real minimum wage shrunk by 95%. Infant mortality went up by about 70%. In 2017, 70% of Venezuelan adults faced an average of 11 kilos in involuntary weight loss. The collapse has pushed over 10% of Venezuelans to migrate, producing a refugee crisis of Syrian proportions.

As the country unraveled under the…

By Jose Morales-Arilla (@josemoralesa)

*******************************************************************

This is a translation of an article published by Prodavinci in Spanish.

*******************************************************************

Mark Weisbrot and Jeffrey Sachs just published a report on the effects of US 2017 financial sanctions on Venezuela. The authors assert that “sanctions have inflicted, and increasingly inflict, very serious harm to human life and health, including an estimated more than 40,000 deaths from 2017–2018”.

According to the authors, sanctions led to the death of 40,000 Venezuelans by inhibiting oil production in the country. Their argument can be summarized as follows:

1. Sanctions in August 2017 led to the collapse in…

Jose Ramon Morales Arilla

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store