Author: Kevin Zhao

Crisis in Venezuela: The Repercussions of Nostalgic Nationalism

It is the year 1994; Venezuela is in the midst of a major financial crisis brought on by lax financial regulations. Venezuelans across the country prayed for an angel to bless them from the depths of purgatory. With inflation spiraling out of control, more than 70,000 businesses went bankrupt. Their prayers seemed to have been answered, when Hugo Chavez swept into power in 1998.  Minimum wage was more than doubled and the poor basked in the glory of their savior. It is the year 1921, the British Empire stretched to a quarter of Earth’s total land mass (37 million square kilometres), encompassing 570 million people. It was called the empire on which the sun never sets. London was the centre of the world, and millions from across the globe flocked to Britain to bask in the shimmer of wealth.   These might seem like completely different stories, but its folklore has resulted in problems that are occurring today. People are drawn to the idea of past glory, and tend to make irrational decisions in an …