Drawing Parallels: Colombia and Venezuela

After class discussion regarding the status of Colombian economy and the trouble it endured throughout Colombian history, I immediately thought about the comparable crisis that is currently affecting Venezuela and their economy. In order to more clearly draw conclusions from the status of Colombian economy throughout their past, I took it upon myself to research the nature of Venezuela's struggle. I found that Venezuela's economic conflict is due, as much of Colombia's past issues have been due, to corruption in the country's government.
To provide a bit of an overview of the strife that Venezuela is going through, I'd like to reflect on the beginnings of the economic crisis, which began due to the government spending too much money on welfare. Just as Colombia faced periods of peace before additional downfalls, Venezuela developed a similar pattern with governmental leaders not considering the longevity of their economy or the
satisfaction of their people.
Venezuela’s crisis began due to Former-President Hugo Chávez. The general public initially adored Chávez due to the social programs he began in order to reduce inequality and poverty in Venezuelan society.  Unfortunately, however, the funds he allocated to such a cause came from the wealth that oil reserves provided for the country. When the price of oil declined rapidly in 2014, Chávez’s predecessor, Nicholás Maduro, found a hole in Venezuelan economy and was forced to cut back on welfare. Also, in 2003, the Chávez administration placed limits on who was able to buy U.S. dollars.  Since so many Venezuelans were not able to buy USD, the black market thrived with the purchase of dollars, since they held higher value than Venezuelan currency, just as it flourished and continues to flourish in Colombia as the economy thrives on illegality due to drug cartels. Due to the prosperity of the black market, inflation of the Venezuelan currency heightened during the Chavez administration as yet again drawing a parallel, inflation heightened through the black market's success in Colombia. 
Article I referred to: www.bbc.com/news/world-latin-america-36319877.