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Don’t Blame Washington for Venezuela’s Oil Woes: A Rebuttal

May 01, 2019

On August 2017, the White House imposed financial sanctions on Venezuela, limiting its access to U.S. financial markets. Shortly after, Venezuela’s economy and oil sector collapsed. ​Economists Mark Weisbrot, co-director of the Center for Economic and Policy Research, and Jeffrey Sachs conclude​ ​that the sanctions caused the collapse and human suffering that followed. Is this persuasive? 

In short, no. 

To make their point, Weisbrot and Sachs take Colombia as...

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