Maduro’s government has cracked down on the opposition despite promises to pave the way to fair elections in exchange for relief from economic sanctions imposed by the United States last decade as democratic and human rights conditions deteriorated in Venezuela. The recent moves prompted the Biden administration to re-impose crushing oil sanctions last month.
Is there any evidence that sanctions like these actually achieve their stated goals? In this case, they certainly don’t seem to have worked. So, why double down?
A lot of economists don’t listen to anything Joseph Stiglitz says, because he’s not from the Chicago school. Economics is so stupid.