Venezuela’s history tells how the country essentially altered the political, economic, and social revolutionist regime since socialism through Hugo Chavez leadership. The country got its independence in 1811, when Simon Bolivar fought against Spain, the country formed a series of military governments.
Venezuela’s resource of oil has been rich in one of the world’s largest exports, which gained economic stability till the 21st century. The oil reserves served a dependence initially when oil was discovered in 1914, which consolidated power and modernized the country.
In 1958, Venezuela’s government gained economic stability, later transformed under the dictatorship of Marcos Perez Jimenez to form a democratic system of presidential government. The country gained the impact of socialism during the period when socialism spread around Latin America, particularly Cuba in 1959 established the first socialist state in the Western Hemisphere.
The Cuban leader Fidel Castro is admired by Hugo Chaves, military officer who was elected as president in 1998. Hugo Chaves implemented social programs which gained support to deny poverty and improve socialism from widespread Venezuela’s population. In 2000, Chaves and Castro signed the Cuba- Venezuela Cooperation Agreement which implemented many social programs with the support of Doctors, Teachers and socialists to empower socialist governments.
Hugo Chaves regime
Venezuela gained heavy profit from oil export which managed the funds of social reforms. The Chavez regime is also known as the Bolivarian Revolution, focused on the issues of healthcare of the people mostly and serving the poor nationalized socialism. He encouraged equality by maintaining resource distribution and was unused to imperialism leading capitalism.
Chavez’s ideology increased its presidential allowance which was limited to six years, which led him to maintain his control to twelve years. His regime decided to have an uncorrupted, where he claimed to implement the ideas into international policy so the further imperialist powers benefited the risk of the country. Latin America seems to have adequately of foreign intervention by the United States, lead to failure of the policies to improve.
Chavez gained the support of citizens which made them believe that the United States was interested in the countries own policies. Chavez improved his regime with the support of Fidel Castro and Venezuela had a Historically sustained resource to enrich the economy. Since 1970 a huge depression to the oil prices that hit the industrial production tremendously down, but Chavez maintained to use the profits to reduce poverty.
The Economic Fall
The Government of exports increases the expenditure of oil extremely high which leads to Venezuela’s economic crisis. Chavez had a huge ideology on implementing socialist regime by reducing corruption and poverty, which he lacked in planning for the future. He continued to spend for the poor which aids only in short- term that led the economy of Venezuela at risk.
To replace the risk of the economy, Chavez considered PDVSA, the state-owned oil refinery that controls all oil production within Venezuela. It was formally nationalized in 1976; PDVSA provides the most profitable companies which gained Venezuela’s economy from the risk of oil revenues.
Chavez in order to have effective experience he replaced the major positions of the parties in PDVSA. He exchanged the party power to military members, which led to a huge loss and down Venezuela’s profit due to dimensioned productivity of oil. If oil were to fall by just a few expenditures it leads Venezuela’s population to face disaster. The result of a huge growth of nationalized industries led to a large decrease of privatized companies within Venezuela’s economy.
Through the utilization of extensive coup-proofing techniques, a reliance on Cuban aid, and the privatization of PDVSA placed under the control of the military, Chávez managed to create a lasting dictatorship at the risk of his country’s economic stability.
