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 pressure or sabotage, while opponents blame “socialism,” yet both sides overlook that the country remained fundamentally capitalist. Lasting change cannot come from reformist policies or state-led capitalism but requires a more fundamental transformation of the economic system itself.

Taken from the February 2026 edition of The Socialist Standard.

World Socialist Radio is the official podcast of The Socialist Party of Great Britain. We have one single aim: the establishment of a society in which all productive resources – land, water, factories, transport, etc. – are taken into common ownership, and in which the sole motive for production is the fulfilment of human needs and wants.

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Featuring music: ‘Pushing P (Instrumental)’ by Tiga Maine x Deejay Boe. Source: Free Music Archive, licensed under Creative Commons CC BY 4.0