Venezuela’s economic development began long ago when Christopher Columbus discovered it on one of his voyages to the new world. The development started with the colonial experience led by the Spanish. In the 1500s word had spread that there were pearls and rare precious metals to be found in Venezuela. With the newly found pearls, the Spanish colonizers started developing extractive policies to harvest these pearls and metals to the point where new ways and resources had to be found. In the 1520’s, instead of extracting resources and treasures from Venezuela, the Spanish began extracting their native people, taking the people for slavery. The slaves that were extracted from Venezuela were used to supply the growing need for labor in the Caribbean …show more content…
The Spanish slavers faced conflict and competition when a group of German bankers came into Venezuela with permission from the Spanish leadership to begin to exploit the area’s resources. These Germans had absolutely no intention of settling and went about the colonialization by establishing more extractive policies, not focusing just on human capital but also on material wealth they could attain from resources. The German bankers were led by the House of Wesler and they were in Venezuela on a contract from the Spanish crown to pay off a debt they had with the Germans. The Spanish found mountains of gold in Peru and Mexico and that is what they Germans were looking for, they were in search of the dream El Dorado. The colonization of Venezuela was one of extractive economic policies from Spanish conquistadors and German Bankers. Extraction of human capital (slavery) and material wealth (pearls, metals) did not seem to be worth the investment in time for both the Germans and Spanish so a large portion of Venezuela was left untouched from settlers and …show more content…
Formerly under control from Dictator Hugo Chavez, and now currently under control by Nicolas Maduro, With an estimated 34.2% of the GDP accounting for the public debt, and an extremely high inflation rate of 56.2% in 2013 raising from 21.1% in 2012, it is obvious that the policies and programs aren’t working out for the country. Poor leadership in Venezuela has driven the country’s economy into a downward spiral. Having one of the larger resource endowments among the developing countries, it is questionable how there are so many problems with its economy. Since the 1920s Venezuela’s economy has been primarily driven by their vast availability of petroleum. Being a member of the OPEC, Venezuela’s main export is oil. The powerful oil industry in Venezuela is driven by their state-run petroleum company Petroleos de Venezuela S.A PDVSA. Venezuela sits on top of the world’s largest oil reserves and this oil based economy accounts for roughly 50 percent of government revenue, 95 percent of Venezuela’s exports, and 25 percent of Venezuela’s GDP, just in oil alone. With a population of 29.9 million people (estimated in 2012) the country has a per capita GDP of $12,756. Venezuela is highly dependent on oil revenues, these oil revenues account for around 96% of all export earnings. Venezuela’s development faces various challenges being a
Did you know that Venezuela was one of the first colonies to gain their independence from Spain? At the time Venezuela was a Spanish ruled colony and the people of Venezuela felt that their government was ruling their colony terribly (Adelblue). The people were led by Simon Bolivar, whose nickname was “The Liberator” since he liberated Venezuela and worked with San Martin to liberate most of Northern South America (Adelblue). Venezuela declared their independence in 1810 and finally gained their independence after the Battle of Carabobo in 1821 (Minster). Three symbolic elements of the Venezuelan revolution are used to portray Simon Bolivar, the speech Simon gave to the Second National Congress in 1819 to encourage the type of government he had in mind, and the high taxation that was the main cause of the revolution (Ellis and Esler 705).
POSITION PAPER FIRST PARAGRAPH 14 Million: Almost half of the world’s slaves are found in third world countries. This practice still continues today in a form in every country in the world. From prostitution to domestic work. According to the International Labour Organization around 21 million men, women and children are in a form of forced work without getting pay. Many forms of slavery are happening right now, for example: Bonded Labour, Child Slavery, Early and forced marriage, Forced Labour, Descent-based slavery, Trafficking, etc. SECOND PARAGRAPH El Salvador is making significant efforts on eliminate human trafficking, they are increasing the number of inspections of child slavery in the country as compared to 2012. The government has sustained partnerships with neighbouring foreign governments in pursuing joint anti-trafficking investigations.
The United States and Venezuela were both once colonies controlled by European Nations. In 1765, The American Revolution took place by the rebellious united 13 colonies against British power. In 1810, The Venezuelan Revolution began with many reasons to go against Spain. Both revolutions had similar reasons such as to become an independent Nation and secure liberal rights. While ideas and perspectives may have differed in 17-1800s, it was about finding peace and prosperity as it did not exist in the colonies. While whites always had the upper hand, during the revolution specific groups of people took over with rebellions and resistances. On the other hand, there were specific reasons to why people resisted and revolted against the leaders in charge. European nations were greeds wanting money and control, their mistreatment were the reasons for the revolution. Both the Venezuelan and American revolution had the catastrophic number. Even though, The American and Venezuelan revolution took place in different time period, there were similar reason for resistance/rebellions in colonies to become an Independent Nation and carry out equality and Freedom.
Before the arrival of the Spanish in the 16th cent., the Araucanians had long been in control of the land in the southern part of the region; in the north, the inhabitants were ruled by the Inca empire. Diego de Almagro, who was sent by Francisco Pizarro from Peru to explore the southern region, led a party of men through the Andes into the central lowlands of Chile but was unsuccessful (1536) in establishing a foothold there. In 1540, Pedro de Valdivia marched into Chile and, despite stout resistance from the Araucanians, founded Santiago (1541) and later established La Serena, Concepción, and Valdivia. After an initial period of incessant warfare with the natives, the Spanish
When Christopher Columbus discovered the coast of Venezuela, he thought he had encountered an earthly paradise, today that grace land is ravaged by famine, inflation, scarcity, violence, social and political conflicts; “social implosion [being] driven by economic collapse, caused by shockingly self-destructive policy making” (Toro, 1). Venezuela’s antidemocratic government and its lack of foresight has created a severe economic crisis crumbling health care system and a lack of basic necessities and is jailing innocent people who object.
A country known for the Angel Falls (highest waterfall in the world), the exquisite arepas (corn cakes with cheese) and the legendarily Miss Universe titleholders; the Bolivarian Republic of Venezuela is located in northern South America. Regardless from the artistic landscapes, Venezuela is acknowledged for its vital oil reservoirs, its everlasting admiration of Simon Bolivar and its prominent watermark of Chavismo. Moreover, the country’s bureaucratic history has been influenced by Spanish colonialism, authoritarian rule, and the practice of the use caudillos (regional military leaders). Venezuela’s economy has been predisposed by agricultural surpluses of coffee and cocoa despite the fact that the production of oil has determined the country 's GDP (gross domestic product) since the 20th century; slowly turning it into a resource curse nation. Presently, Venezuela has about 30 thousand citizens with an urbanization rate of 89 %, for this reason it is one of the most developed countries in Latin America.
In 1522 Venezuela was established as a colony of Spain amid resistance from native populations. This European imperialism was marked by harsh treatment and enslavement of indigenous peoples, often used as workers on plantations. As resources where discovered and exploited for Western interests slavery expanded beyond the local population to include African natives brought to the region for the express purpose of forced labor. During this time power struggles between European powers played out across the colony, while the focus on stripping the land of natural resources led to a lack of interest in municipal
How did American slavery compare and contrast with slavery in Latin America? Was slavery in these two places mainly similar? Were there differences worth noting? Were demographics a large part of the differences? Which place was the most oppressive? Which was more benign in slave conditions? Although, I feel slavery, in any form, is reprehensible, I would like to discuss major differences between these two places pertaining to the work performed, the treatment of slaves, and the rights afforded to each.
Venezuela, located in the Latin American region, is a country that has been characterized by its abundance of oil reserve. A natural resource that has shaped the history and development of the country, affecting its economic, social and most important is political spheres. For many years Venezuela was controlled by authoritarian regimes. The country, being very important in the sense of geo-politics due to its abundance of oil, has been a key player in the international arena and most important, to those that for many years kept the country under their regime. It was not until 1958 that Venezuela experienced the change to democracy and a stable democracy was kept between the two main political parties of the time, Accion Democratica (AD)
Although many changes have occurred in Latin America and the Caribbean, laborers continuously have faced harsh and oppressive working conditions. During European colonization in the late eighteenth century, countries such as Peru, Bolivia, and Mexico had rich mines filled with silver, therefore Amerindians and Africans were enslaved and had to mine in appalling conditions. The Potosi mine in Bolivia produced the greatest silver influx for Spain. Due to the Amerindians’ little resistance
With an economy dominated by the production of oil, Venezuela has enjoyed the highest standard of living in Latin America. In spite of its success in the oil industry, agriculture and manufacturing also play important roles in Venezuela’s economy. With this in mind, it would seem as though Venezuela’s economic state has flourished. Rather, it has suffered from the effects of political influence, corruption, and poor economic management. The distribution of wealth across Venezuela has caused the elite to benefit at the cost of the working people. This is mainly due to the economic and political structure of the country. Even with the plentiful resources Venezuela possesses, it is constantly being threatened by political instability,
The oil-rich Bolivarian Republic of Venezuela, located on the northern coast of South America, was for many decades considered among the wealthiest nations in the entire continent. While having the largest proven oil reserves in the world has often proved a tremendous boon for Venezuela, the very black gold that has been the cause of its success has also proven to repeatedly be its kryptonite. Over half of the nation’s Gross Domestic Product stems from petroleum exports – which equates to approximately 95% of total exports. It is really not too hard to imagine what drastic consequences shifts in global oil prices could have on the economy.
Venezuela is currently facing the worst economic crisis in history. According to the International Monetary Fund, it has negative growth of -8%, the worst in the world and the worst inflation rate (482%). The current unemployment rate is 17% though this figure is expected to climb towards 30%. Venezuela is a country that is reported to have the worlds largest oil supply, a commodity that has a changing price based on supply and demand. Their ability to sell oil was a primary source of revenue for the government. Exporting oil was reported to be around 96 percent of Venezuela's total exports according to the World Bank. In 2014 the
Venezuela has the world’s largest oil reserves and by 1960, it became the wealthiest country in Latin America. Petróleos de Venezuela (PDVSA), the state owned company, was the key to economic and social development in Venezuela under president Hugo Chavez. His government was settled in an environment where the oil prices were rising and the economy was booming, so he was able fund social programs and practices that were popular to the poor masses. This wealthy and growing Venezuela made Chavez to be very popular and his regime very powerful. Oil revenue accounted for nearly 90% of exports, more than 50% of government revenue, and 35% of country’s GDP.
The main purpose of the following report is to provide information about the profile of The Bolivarian Republican of Venezuela; in order to study the current situation of the country for further investigations in the future that may help to understand the opportunities and risk involve in importing and opening new markets in Venezuela.