Barter activity explodes across Venezuela as failed socialist economic policies leave entire nation on verge of economic collapse
‘While most people think of Facebook and Twitter as a way to share photos and exchange comments for fun and news-sharing reasons, residents in Venezuela are turning to social media for something entirely different – and it’s saddening. There, it’s not uncommon for people to barter for the likes of infant formula, medication, batteries and diapers.
The unfortunate situation isn’t just a phase, either.
It’s a reflection of the dire economic situation in the country, where failed policies have put the area on the edge of financial collapse. The bottom line is that Venezuela gets about 70 percent of its goods from abroad, however, the area’s fast-falling oil prices have prevented the government there from importing. As a result, the economy has shifted to a culture where a black market lifestyle is the norm, and people can expect items to cost upwards of three times their original price.’
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