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realclearworld

Venezuela’s Hugo Chávez and his legacy of plunder

The Editorial Board of The Miami Herald:

Venezuela’s Hugo Chávez and his legacy of plunder

 </p>
<p>Venezuela's Hugo Chávez with Cuba's Fidel Castro  in July 21, 2006 at an event in Argentina.</p>
<p>Hugo Chávez’s folksy charm and forceful personality made him an extraordinary politician. His enviable ability to win a mass following allowed him to build a powerful political machine that kept him in office from February of 1999 until his death on Tuesday. But as a national leader, he was an abject failure who plunged Venezuela into a political and economic abyss.

Dead at 58, Hugo Chávez leaves behind a country in far worse condition than it was when he became president, its future clouded by rivals for succession in a constitutional crisis of his Bolivarian party’s making and an economy in chaos.

A former paratrooper, Mr. Chávez had a radical vision for “21st Century Socialism,” which was never fully explained. His skillful rhetoric, which filled supporters with utopian dreams, was used to justify the methodical destruction of Venezuela’s democratic institutions and the free market.

Shortly after coming to office, he rewrote the constitution to his liking and aggressively set out to rig elections and stifle adversaries in the legislative branch and the courts. Unable to brook criticism, he turned his fire on the independent news media, eventually silencing most voices of opposition by bully tactics and economic intimidation.

His Bolivarian regime rewarded supporters and punished opponents, giving rise to enormous corruption and the creation of a new class of greedy oligarchs with political connections. Unfortunately for Venezuela and for all his political skills, the president was both an incompetent executive and a worse economist.

In an energy-rich country that once knew no blackouts, electrical shortages are frequent, the result of Mr. Chávez’s plundering of the country’s public oil company. In a country that once enjoyed a thriving free market, prices are controlled and food items often scarce.

In recent weeks, while Mr. Chávez was hospitalized, Venezuela was once again forced to devalue its currency, this time by one-third. This was the inevitable outcome of a series of disastrous economic decisions that included nationalizing the telephone company and other utilities, which scared off foreign investors and spurred capital flight.

Continue reading HERE.

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