This episode argues that Venezuela’s economic and social crisis reflects the limits of reformist political projects that try to improve capitalism rather than replace it. It traces how governments associated with Hugo Chávez and Nicolás Maduro pursued policies such as nationalisation, welfare expansion, and price controls while still operating within a capitalist framework dependent on oil exports and global markets. When oil prices fell and economic pressures intensified, these reforms proved unable to stabilise the economy, leading to inflation, shortages, and worsening living standards. These outcomes reveal structural weaknesses in attempting to manage capitalism through state reforms alone.

Both supporters and critics of the Venezuelan government misunderstand the deeper problem. Defenders frame Venezuela as a victim of external pressu ...