in the early 1980s venezuela was the richest country in latin america because of
Economy of Venezuela Buoyed by a strong oil sector in the 1960s and 1970s, Venezuela's governments were able to maintain social harmony by spending fairly large amounts on public programs including health care, education, transport, and food subsidies. Literacy and welfare programs benefited tremendously from these conditions.[36] Because of the oil wealth, Venezuelan workers "enjoyed the highest wages in Latin America."[37] This situation was reversed when oil prices collapsed during the 1980s.