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It's interesting how the most pertinent question for many developing nations is less about what type of political economy they have and more about the ruling elite's relationship to US dollar funding and payments https://twitter.com/SergiLanauIIF/status/1190320519188369408
Good digestible explanation as to why Venezuela (Maduro et al) pay one type of debt and let the rest fall away https://ftalphaville.ft.com/2019/05/09/1557374439000/Venezuela-is-paying-its-bondholders-/
The Planet Money in Venezuela's deterioration is an informative and succinct explanation of how the problems came to be https://www.npr.org/sections/money/2016/10/21/498867764/episode-731-how-venezuela-imploded
Running a kleptocracy becomes a much more difficult business venture if your access to 'Offshore' US Dollar funds is jeopardized.
If a substantial portion of your economy is grey/black-market and smuggling imports physical dollars, you can basically "dollarize" it while eluding sanctions https://www.insightcrime.org/news/analysis/dollarization-venezuela-organized-crime/
If you're already structurally set up for an illicit economy to thrive and dealing with sanctions, eventually allowing groups to de facto Dollarize the economy becomes state policy simply to survive
The nice thing about the US customer is that they always pay for their drugs in dollars. Most organizations want launder that into electronic funds, but sometimes keeping it physically in cash is beneficial to the organizations back home.
I'd read a thorough examination of the effect of the NarcoDollar on drug-producing/transiting countries Dollarizing their economies
Speculation in a very murky realm, but nonetheless interesting—Is Maduro moving in on Cartel of the Suns’ routes? https://www.bolivarfiles.com/post/could-nicolas-maduro-be-moving-against-diosdado-cabello-to-seize-control-of-the-cartel-of-the-suns
