Venezuela's Mixed Economy

A command economy or planned economy is an economic system in which the government or authority has control over the production and pricing of good and services. The authority selects which items and services to produce, the creation and distribution process, and the costs of goods and services. Additionally, the government has control of all lands, capital and different resources. The government or authority decides essentially the most socially effective items to provide. They also create laws and regulations that control state-owned and privately owned businesses. The choice of goods available to customers is higher in the market economy system than in the command economy system. There are 2 types of Command Economy, a strong and a Moderate

This type of economy works in the private sector of business ie. Individual firms. A command economy is an entirely different system in which a central government decides how to answer the three central economic questions. The government would decide what is to be produced, how it is to be priced etc.

Communism is also a form of a command economy. In a communistic economy all the

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.

Free-market and Command economy are the two-major economy system. It has sparked years of controversies among individuals over which system is better. However, no agreement has been reached. Meanwhile, it is obvious that free-market economy predominates all around the world as the majority of countries are following an economy which free-market process the dominating position.

In recent years, an increasing number of professors, commentators, journalists, and teens on social media have claimed that capitalism has failed. What usually follows are suggestions to usher in a new wave of socialism, as if the chaos in Venezuela is somehow non-existent or something truly desirable.

In the top left hand corner there is a symbol that represents the flag of the president. Venezuela is located in South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana. Caracas is the capital of Venezuela, about how many people living within the capital? Spanish is the official/main language of Venezuela but many people also speak other types of languages. There are many tropical places to explore but be warned it is hot and humid. Most of their many resources that are petroleum, natural gas, iron ore, gold, bauxite, hydropower, and diamonds. All over the world countries have issues which occur; however, the ones in Venezuela greatly deal with the large amounts of cocaine, heroin, and marijuana. It also has the worst in human trafficking. Venezuela is a source, transit, and destination country for men, women, and children subjected to sex trafficking and forced labor. Many women in Venezuela have been in a horrible event. Some of these

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

Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is slackly defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems exist, they are command economy, market economy, and mixed economy. Command economy is also sometimes called planned economy. The expectations of this type of economy is that all major decisions that related to the construction or production, distribution, commodity and service prices are all made by the government. However, in market economy, national and state governments play a

Because of the large crash of oil pricesand excessive spending of the surpluses that once existed in the Venezuelan economy, Venezuela ishaving extreme trouble keeping their economy intact. Not only that, but the regulation of food prices, tohelp the Venezuelan people afford it, is actually a driving factor in the political turmoil seen today. Byregulating food prices, President Chavez may have cut costs for consumers, but he cut costs to where itwas unprofitable to produce food for producers, so they have stopped providing, leading to a food crisis.On top of all of this, this regulation of food prices has actually increased inflation, as President Chavezdecided to print more bolivares to solve the problems. When President Maduro stepped into office, heinherited all of this. In December of 2015, the inflation rate was 180%, but by the end of this year, it isexpected to be 700%. Because of these three leading factors, 90% of Venezuelans are eating less thanthey did last year, and “extreme poverty”, as classified by UN guidelines has jumped by more than 53%in the past year.The Ministry of Labor and Social Security has played a key role in all of these

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 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.