Venezuela is officially known as the Bolivarian Republic of Venezuela. It is a federal republic comprising 72 federal dependencies, 23 states, two federal territories, and one federal district. Located on the northern coast of South America, Venezuela is bordered by Colombia on the west, Brazil on the south, Guyana on the east, and the islands of Trinidad and Tobago to the north-east. Venezuela is spread out over 916,445 km2 (353,841 sq mi) and has a population of over 31 million (31,775,371) people. Venezuela is one of the most urbanized countries in Latin America with a vast majority of Venezuelans living in the cities of the north, especially in the capital (Caracas), the largest city in Venezuela.
For a greater part of the first half of …show more content…
In addition, Venezuela has been one of the world's leading exporters of oil. Historically, an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil dominated exports and government revenues. The 1980s oil glut caused an external debt crisis and a long-running economic crisis. Inflation peaked at 100% in 1996 and poverty rates rose to 66% in 1995 as (by 1998) per capita GDP fell to the same level as 1963, down a third from its 1978 peak. In early 2000s, the recovery of oil prices presented Venezuela oil funds not witnessed since the 1980s. At the time, populist policies established by the government uplifted the Venezuelan economy briefly and increased social spending, significantly reducing economic inequality and poverty. However, these policies later severely destabilized the nation's economy, resulting in hyperinflation, an economic depression and a drastic increase in poverty. Several failed economic policies and increasing corruption in government led to rising poverty and crime, worsening social indicators, and increased political instability. To date, oil revenues account for nearly all export inflows and almost half of the government’s revenue. Venezuela’s economic crisis has been aggravated by the constant downfall of oil prices since 2014. Many US and multinational corporations have reduced or …show more content…
He was the founder of the Fifth Republic Movement and later the United Socialist Party of Venezuela. The "Bolivarian Revolution" is named after Simón Bolívar, an early 19th-century Venezuelan and Latin American revolutionary leader, prominent in the Spanish American wars of independence in achieving the independence of most of northern South America from Spanish rule. According to Chávez and other supporters, the "Bolivarian Revolution" seeks to build a mass movement to implement Bolivarianism—popular democracy, economic independence, equitable distribution of revenues, and an end to political corruption—in Venezuela. The supporters of this ideology interpret Bolívar's ideas from a socialist perspective. A loss in confidence in the existing parties led to Chávez being elected president in 1998. Subsequently, a "Bolivarian Revolution" was launched, beginning with a 1999 Constituent Assembly to write a new Constitution of Venezuela. In addition, Chávez started Bolivarian missions, programs aimed at helping the
For a greater part of the first half of …show more content…
In addition, Venezuela has been one of the world's leading exporters of oil. Historically, an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil dominated exports and government revenues. The 1980s oil glut caused an external debt crisis and a long-running economic crisis. Inflation peaked at 100% in 1996 and poverty rates rose to 66% in 1995 as (by 1998) per capita GDP fell to the same level as 1963, down a third from its 1978 peak. In early 2000s, the recovery of oil prices presented Venezuela oil funds not witnessed since the 1980s. At the time, populist policies established by the government uplifted the Venezuelan economy briefly and increased social spending, significantly reducing economic inequality and poverty. However, these policies later severely destabilized the nation's economy, resulting in hyperinflation, an economic depression and a drastic increase in poverty. Several failed economic policies and increasing corruption in government led to rising poverty and crime, worsening social indicators, and increased political instability. To date, oil revenues account for nearly all export inflows and almost half of the government’s revenue. Venezuela’s economic crisis has been aggravated by the constant downfall of oil prices since 2014. Many US and multinational corporations have reduced or …show more content…
He was the founder of the Fifth Republic Movement and later the United Socialist Party of Venezuela. The "Bolivarian Revolution" is named after Simón Bolívar, an early 19th-century Venezuelan and Latin American revolutionary leader, prominent in the Spanish American wars of independence in achieving the independence of most of northern South America from Spanish rule. According to Chávez and other supporters, the "Bolivarian Revolution" seeks to build a mass movement to implement Bolivarianism—popular democracy, economic independence, equitable distribution of revenues, and an end to political corruption—in Venezuela. The supporters of this ideology interpret Bolívar's ideas from a socialist perspective. A loss in confidence in the existing parties led to Chávez being elected president in 1998. Subsequently, a "Bolivarian Revolution" was launched, beginning with a 1999 Constituent Assembly to write a new Constitution of Venezuela. In addition, Chávez started Bolivarian missions, programs aimed at helping the