The Economic Economy : The Economy Of Venezuela's Economy

Inflation is one of the most talked about words in society that causes a big problem in economics today. Inflation is an increase in the overall prices of goods and services and a decline in the purchasing value of money. This exists when the money supply surpasses the goods and services that are available. For this commentary, I chose to pick the article In a Venezuela Ravaged by Inflation, ‘a Race for Survival’ that deals with the topic inflation.

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.

Venezuela has roughly 29 million individuals. Venezuela's northern coastline extends around 2,800 kilometers that impart the waters to various islands in the Caribbean ocean, including Los Roques, Venezuela.Venezuela covers roughly 353,841 square miles.The nation of Venezuela comprises of 23 expresses: the Capital Region (Caracas) and Government Conditions that likewise cover Venezuela's islands. Our city has the ideal spot for various sorts of exchanging and developments to come through.

They produce an estimated 2.8 billion barrels of oil a day. Half of Venezuela’s income comes from oil industry. Venezuela depends on oil which is terrible because if the oil runs out there country will be

Issue: In Venezuela, the United Socialist Party (PSUV) has been in the power 18 years first with Chavez and them with Maduro, both elected by democratic elections. Now the country is divided into two significant groups Chavistas, people who support socialism and the actual president, and opposition, people anti-government and believe the corruption of the actual president. With this, the country is immersed in extreme violence, constants violations of humans rights and alarm power corruption. Additionally, some problems that the dictatorship produces like protests, the end of commercial relations with other countries, and the decreasing economy. The abuse of power leading to incrust the violations of humans right is the significant issue that Venezuela has to face today. This has an extended history that began in 1999, with the victory of Chavez in the name of socialism, but the break in the government started when Maduro raises in power and with the end of relations with the United States, who was the principal oil buyer. As well, the counting falling oil prices had decreased the Venezuela’s economy and limited the public inversion that the government used to do. With bad relations and an affected economy poverty, violence and discomfort with the government began. The corrupt power and constant violation of human rights are affecting in significant ways the country, particularly in the investment that the government

“Venezuela reads like a textbook example of the socialist end-game: Social implosion driven by economic collapse, caused by shockingly self-destructive policy making” (Toro 39). “Socialism of the 21st Century” in the end just did not work and had failed. The changes made to the constitution have created a government that runs inefficiently and gives the president too much power. Chavez mismanaged the country's income and caused inflation of the Bolivar Note. Chavez had good intentions, but his programs to help the impoverished failed because of poor management. These people that he was trying to help are now more hurt than they were before because money put into these programs was not used effectively. This money could have been used to invest in the oil reserves and other parts of the economy to set the country up for success. Food is hard to come by and the crime and murder rate continues to raise. The country in debt and cannot even buy imports to sell to its citizens. Venezuela will need outside help if it is to recover from the situation caused by Hugo Chavez and Nicolas Maduro. The only reason Chavez remained popular in Venezuela is because the economy was doing well in the beginning and he was able to control the media so that the public opinion of him was kept

Venezuela is in a dyer state that is going to grow into a humanitarian danger to those who live in its borders. Due to the global value reduction of oil over the years, Venezuela, who has one of the world's largest oil reserves, cannot import the essential resources, such as food and animals, into its country. In fact, nighty-five percent of Venezuela's national income comes chastely from the black gold that they have a profuse amount of

Venezuela boasts a population of well over 27 million, and represents a large potential market for any firm looking to do business within the country, because it is

Ecuador has one of the lowest yearly imports of natural gases in the world. Ecuador gets 41.5 percent of its electrical power from hydroelectric plants. Another 57.3 percent come from fossil fuels. Also, Ecuador does not import any of the fossil fuels that they use. Ecuador is also refraining from exporting natural gases to other countries (The World Factbook). This means that Ecuador does a great job of being efficient with their power resources for several reasons. One is that they are producing what fossil fuels they are using for themselves. Another reason is that they are producing a great deal of their energy through renewable resources. Both of these concepts are very important, because they save Ecuador money, and they allow the country to be more reliant on itself rather than being reliant on other countries. Ecuador not exporting natural gases could be viewed as a positive or a negative for the country. It could mean that the country will not make a profit from the natural gases, or it could mean that Ecuador will be tied down with unfriendly trading partners. Ecuador could choose to make a profit, or to conserve the resources for

That video wasn’t the only one on music that caught my attention. The documentary on El Sistema in Venezuela is extremely moving. It’s a musical program to help children escape from poverty and the slums of Venezuela’s poorest. What they do is they gather and train children to become members of orchestras, especially well-known ones. There are at least approximately 1200 students, in which 80% are below the poverty level. And yet they are given paper instruments in the beginning of their courses until they move on with real instruments. I’d never found anything so fascinating like that. I just wonder how the founder and director of El Sistema, Jose Antonio Abreu, did it. He had navigated the entire program for 35 years and probably even more

Venezuela has a total population of 30.4 million people today. Venezuela is most densely populated on the northern coast because that is where most of it’s natural resources are produced. Venezuela’s main natural resources are Corn, Rice, Cotton, Cocoa, Coffee, Sugar Cane, Petroleum, Coal, Iron, Gold, and Diamonds. Venezuela’s exports about 82 million in 2014. Venezuela’s natural resources are largely based on the petroleum sector, manufacturing, and oil production.

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,

Venezuela currently has a population of 31 million people. Venezuela is still growing in numbers, and it’s getting harder for the government to provide health care for their people. Venezuela’s population is 1.9 times larger than South America. The country is mainly urban, and the wealth rate is declining. The resources per person needs to be the same, and as of now that’s not the case. Overall fertility rates are failing in Latin America. In 2015 the population was six times the size that it was in 1950, and the United Nations projects that it will be nine time larger by 2050, and still growing at that point, despite the long-term decline in fertility. (Latin America) Although there are many economic crisis in Venezuela, this isn’t preventing them from having children in higher numbers. This could be the shortage of health care.

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.