EconVue Editor-in-Chief Lyric Hughes Hale interviews Nikolai Tagarov, advisor to the European Commission, about the recent travails in Venezuela. They discuss how the drop in oil prices has been replaced by income from drug trafficking, and how this has led to immigration flows that threaten not just the southern border of the United States, but all of Central America. Tagarov explains how Venezuela became one of the greatest failures in economic history and a contributor to human misery. He calls for a reexamination of the Monroe Doctrine, which allowed the US to intervene in its own neighborhood to protect its vital interests. Bigger picture, Tagarov envisions a new regionally-based multipolarity, replacing the previous unipolarity of the US.

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