Why is Venezuela so poor?

Venezuela is the definition of a failed state. It’s getting a lot of media attention after this young politician won the election and everyone’s wondering how they went from becoming South America’s most prosperous nation to complete chaos. <br><br>I don’t even know where to begin in the first place cause it’s such a complicated topic. <br><br>I know the economy is heavily dependent on oil exports. The economy began to plummet when the price of oil dropped a couple years ago and it’s just been spiraling since. I read an article mentioning the country is on the verge of becoming a narco state and the government’s as corrupt as they come. <br><br>What’s Venezuela’s future look like?