The devastating Venezuelan crisis.

The Venezuelan crisis is filling the headlines and truly deserves the world's attention. It is a wake-up call to all as it holds relevant lessons for both developing and developed countries. The country suffers a severe humanitarian crisis. Its economy has declined at a faster pace than any other peacetime economy worldwide. Hardship and repression have led millions to flee the country creating a refugee crisis in Colombia and other neighboring countries, and millions more are expected to flee unless conditions improve. It raises serious security concerns in the whole Western Hemisphere. The country of Venezuela sits on and owns the largest oil reserves in the world. Oil helps explain the "rent-seeking" behavior that is at the root of this crisis. ("Rent-seeking" is simply getting money from the government for the oil it sells and giving little or nothing back to the government in return. -EEd) However, oil cannot be blamed for this crisis - it helped Venezuela get out of the poverty trap and become a modern democratic society in the 20