Venezuela was once one of the world’s richest oil-producing nations. Today, it stands as a case study in economic collapse.
In this episode of SA Explained, Francis Herd and Aakash Bramdeo examine the economic lessons South Africa can draw from Venezuela’s downfall. The conversation explores how state control, nationalisation, corruption and weak institutional oversight led to hyperinflation, collapsing industries and mass emigration.
Rather than focusing on ideology alone, the episode looks at how power is exercised, how institutions fail when accountability disappears, and why ordinary people pay the price. The discussion also draws parallels with South Africa’s own challenges; from state-owned enterprises and cadre deployment to mining policy uncertainty and investor confidence.
Crucially, the episode highlights what South Africa has done differently, including inflation targeting, constitutional safeguards and judicial independence; and why protecting those pillars remains essential.
Clear, grounded and uncomfortable at times, this explainer asks a simple question: what happens when the state controls everything; and who really benefits?
Catch up on all SA Explained episodes here: https://www.enca.com/sa-explained-podcast
