system
Given the following post, respond as if you're commenting on Reddit:
human
You've just been declared supreme potentate of Venezuela. Now how do you fix the economy?

Implicit in your power as supreme potentate is that you can write any law you want, create any policy. You can appoint whomever you want in what ever position.

Of course you are benevolent so how do you turn Venezuela around minimizing the loss of life and and maximizing your citizens' standard of living.
gpt
Any economist will tell you that important in maintaining economic growth is:

Strong private property rights (having households be the primary economic decision makers is fundamental to the proper functioning of markets)

free trade (with products today requiring global value chains to manufacture, it's difficult to do anything without it. There's a reason why, in times of war, your enemy seeks to eliminate or constrain your trade networks)

maintaining competitive markets (this means both avoiding interference when unjustified, but also subsidizing, taxing, and trust busting when it's called for)

well functioning regulatory institutions (this means having an operational cadastral system so as to avoid disputes over ownership, a well supervised set of monetary institutions, a robust and efficient regulatory framework, etc)

and several other factors to consider.


If you want to ask me, personally?

1. Institute a land value tax

2. institute more direct democratic control by the populace of the government

3. provisionally remove all price controls

4. institute a carbon pricing system (either a tax or a credit approach)

5. lower taxes (explicit and implicit) across the board, using the revenues from LVT and carbon pricing to do so, but especially seek to decrease the price of capital investment.

6. enact severe constitutional reforms that significantly limit activity that can be undertaken by the state or members of the state in elected or bureaucratic positions. in fact probably just get a new constitution.

7. work to ease international tensions and reduce the human rights abuses that are causing some nations to enact sanctions against Venezuela, seek to reduce tariffs in other nations on your exports and in turn reduce what tariffs Venezuela currently has

8. turn PDVSA and other state owned firms into several competing democratic worker cooperatives

9. invest in national and international transportation and telecommunication infrastructure to decrease the cost of delivering goods and services, especially a rail network.

10. institute a strong patent and copyright system (on par with the level of protection afforded by the united states or greater), while treating patents as economic land subject to LVT

11. stabilize currency through dollarization or acquiring reserves of foreign currency (given current economic performance, most likely the former), and enacting monetary reform

12. replace current social service systems with less distortionary ones - namely UBI or GMI

13. identify areas wherein Venezuela has a comparative advantage

14. institute systems that make information necessary for good economic decision making widespread

15. greater government transparency

Venezuela is in a bad spot, and even the best of solutions are likely to fail in some regards. Nothing will be perfect, there will be trade offs, and struggles will likely continue for a while even under the best possible circumstances.