Word: clientelistic
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...investment. As inflation reaches over 30 percent per year, the government has increased public sector salaries, a populist move that will only worsen inflationary pressures. Despite the sky-high oil prices, Venezuela is not able to grow its production because the government has used all the money for clientelist programs, rather than securing future investment. Unsurprisingly, less than two years after Chavez’s oil nationalizations, no sound international investor is eager to pour money into Venezuela. And in an election year, this may mean the beginning of the end for “twenty-first century socialism...
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