Venezuela’s ongoing descent into economic and political chaos is a cautionary tale of the dangerous influence that resource wealth can have on developing countries.

Tariffs have been applied over the years to protect homegrown industries and target competitors who are seen as using unfair trade practices. They impose costs on both importers and exporters and had been in decline until the recent U.S.-China trade war.

World powers continue to punish North Korea with economic sanctions, but the pressure has so far failed to push Pyongyang toward denuclearization.