At the time of writing Venezuela is in the news so it is worth reflecting how it got to this impasse. In the postwar period Venezuela had for some four decades among the highest rates of economic growth in the world. This was driven by it’s oil resources and an expanding population. For three decades until 1998 it’s politics was dominated by a two party system known as Punto Fijo.
This system was stable but, fatally, failed to diversify the economy beyond oil. Rather than invest the oil revenues in downstream industries and diversify into new industries the oil revenue was distributed to the population to shore up political support. There developed a large State dependent class prone to populist rhetoric. Had the economy been more diversified it is probable that such populism would have failed to attract such a broad following.
In 1998 Hugo Chavez was elected by the popular classes and he was able to sustain his base by distributing the oil revenue. However during his long regnum the oil industry was ruined by cronyism, international oil companies were driven off by abrupt changes in terms and there was considerable underinvestment; this in spite of Venezuela having the highest reserves in the world.
The Maduro Presidency since 2013 has been a continuation of Chavez but in the last few years oil production has gone into freefall due to technical incompetence, failure to replace parts and equipment and, more recently, electric power outages. There is now a vicious circle of cutbacks and outages. The collapse in oil revenue has forced the Government to resort to printing money and this is the cause of the hyperinflation today.
Contents
Introduction
The Modern Period
The Current Era
The Modern State
Economics from the Ground Up
Political Systems
Trade Theory
The EU as a Model of Integration
Industrialisation
Synopsis
Data
World GDP 2018
World GDP PPP 2018
GDP per capita ppp 2018
Exports & Imports 2018
Container Traffic 2010 & 2018
Oil Production 2018
Migrant Remittances 2018
Tourism Statistics 2017
Tourism americas 2017
Latin America
Background
The US and Latin America
Economy
The EU and Latin America
Mercosur
World Exports 2000-2018
Venezuela
Introduction
Political System
Chavez
Chavez Foreign Policy
Grupo de Lima
Economy
Going Forward
Charts & Chart Commentary
Sources
68 pages
Venezuela 2020
- Product Code: ISSN 2014-5063 (2020) No 20
- Availability: In Stock
-
500.00€
- Ex Tax: 500.00€