Sunday, January 5, 2020

Venezuela s Current Economic Policies - 1095 Words

In order to understand Venezuela’s current economic policies, it is important to examine the economic and political ideologies adopted by past leaders of the Bolivar state. Chavez, who was the president of Venezuela from 1993-2003, took a very anti-neoliberal approach towards the Venezuelan economy. Chavez had a strong distaste for western ideology and aimed to lessen the degree of influence that the IMF and the United States had over Venezuela; In fact, Chavez’s desire to distance Venezuela from western influence is arguably the main reason that led to Venezuela’s shift in its economic model and economic partnerships. Foreign investors from the United States planted themselves in Venezuela’s oil industry. As a result, the IMF and the United States financially benefitted where Venezuela could not. Realizing it was in a position of economic disadvantage, Venezuela distanced itself from the United States and the IMF while attempting to become more economical ly independent. Chavez aimed to stray away from American imperialism and cut ties with the IMF once his debt was paid, the reason being that he did not want foreign businesses controlling Venezuelan economic industries. Additionally, in order to distance Venezuela from the influence of the United States, who covered about 60% of Venezuelan exports in the first decade of the 21st century, Chavez aimed to lessen the degree of dependence that Venezuela had on the United States by establishing economic ties with otherShow MoreRelatedVenezuela s Impact On Venezuela1339 Words   |  6 PagesIntroduction: Venezuela is a country in South America that occupies the northern coast. It has a population of 30.4 million people according to a 2013 survey. The entire country of Venezuela is about a third larger than Texas. Venezuela shares its border with Columbia to the west, Guyana to the east, and Brazil to the south. 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