The Long And Ongoing Crisis Of Venezuela

854 WordsAug 1, 20164 Pages
The long and ongoing crisis in Venezuela has been one of the most tragic examples of government instability in recent history. It began when former socialist leader Hugo Chavez was elected president after leading two failed coup attempts acted out by the United Socialist Party of Venezuela (formerly the Fifth Republic Movement), his service as president spanning from 1999 to his death in 2013. He was succeeded by Nicolás Maduro, who took office in a rigged election and who many Venezuelans and academics believe caused inflation, hunger, poverty, increased violence and socioeconomic decline because of his continuation of former president Chavez’s policies. Chavez’s policies on the outside seem to be an effort to help the Venezuelan people and create a better lifestyle for citizens, and at first that’s what seemed to happen. Chavez believed in a socialist economy, and at the time looked at himself as an “anti-Bush” leader, often referring to George W. Bush as the devil and criticizing American politics. Having said this, the United States have been the largest buyers from PDVSA, Venezuela’s national oil company. Although socialism can be done correctly, the Venezuelan version of socialism turned out to be not-so-subtle authoritarianism. Inflation is currently at 720% (According to IMF May 2016 reports), and the economy has shrunk for seven consecutive quarters since 2014. Many blame the current crisis on three different causations: Chavez’s price restrictions on basic

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