"It’s true that the price of oil fell from around $100 per barrel in 2014 to around $50 in 2017. But socialist policies exacerbated the oil crisis and created the poverty we see in Venezuela today.
Free market societies are less affected by falling commodity prices, in part because their wealth does not rely on raw materials.
Hong Kong and Singapore are two of the wealthiest economies in the world, with a 2016 gross domestic product per capita of $57,676 and $84,821, respectively. What turned these resource-barren spits of land into thriving metropolises, with bustling commerce and a prosperous middle class? Economic freedom."
https://fee.org/articles/socialist-policy-tanked-venezuelas-economy-not-falling-oil-prices/
Free market societies are less affected by falling commodity prices, in part because their wealth does not rely on raw materials.
Hong Kong and Singapore are two of the wealthiest economies in the world, with a 2016 gross domestic product per capita of $57,676 and $84,821, respectively. What turned these resource-barren spits of land into thriving metropolises, with bustling commerce and a prosperous middle class? Economic freedom."
https://fee.org/articles/socialist-policy-tanked-venezuelas-economy-not-falling-oil-prices/