A Summary Of What I Learned About The Events In Venezuela
What is happening in Venezuela? This is a question that I have been trying to figure out. There is so much news out and about, that makes it hard to determine what is actually happening, or I may hear what is happening but it is mixed in with so much other information that it is hard to understand. This is a brief summary of what I have learned about the happenings in Venezuela at the moment and what happened in the past to cause this. As of January 2019, It was declared that incumbent Nicolas Maduro's 2018 reelection was invalid and the majority declared the acting president of the nation to be Juan Guaido. However, Maduro is refusing to step down as acting president. In a statement that he made to the Supreme Court, “ I will never give up on commitments to the homeland, I will never do this,” At this time different countries are siding with different Presidents.
For Example, The US is siding with Guiado but Mexico is siding with Maduro. This is happening all over. Now that I have given you a little of a rundown on what is happening over there let's dive a little deeper to discover how this all started. The very first thing that you need to know is that the economy of Venezuela is based, for the most part, on the production and exploitation of petroleum. From around the late 1940s to the 1970s Venezuela was the world’s largest petroleum exporter. The Venezuelan economy relied on the earnings from petroleum to modernize another economic sector, also hydroelectric power further expanded the economy.
In the 1960s the Venezuelan government stressed policies about import substitution. They used a protective tax to minimize imports of manufactured goods, all to promote the growth of domestic manufacturing. After all of this was done, export-oriented undertakings grew. Around the 1970s Venezuela used all the earnings from fossil fuel exports to fund major infrastructure improvements. At the end of the twentieth century, the Venezuelan industries had become more diverse, and Venezuela had elaborated additional natural resources.
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All in all, Venezuela’s reaping of oil slowed amazingly because of irregular rising and falls in international petroleum prices and global economic recessions in the 1980s and 1990s, as well as domestic troubles such as inflation, bad management, corruption, and a huge lack of trained and knowledgeable personnel. The economy was under a lot of stress by massive debt, HIGH unemployment, population growth, and illegal immigration, however, early in the 21st century the economy recovered enough that in 2007 Venezuela had paid off the foreign debt. Then-president Hugo Chavez made a socialist economic and political agenda that had a program that increased nationalization. In the hope of reducing US influence in the Venezuelan economy and the rest of Latin America President Chavez drew Venezuelan oil wealth to huge loans to Venezuelan neighbors.
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A Summary Of What I Learned About The Events In Venezuela. (2023, Feb 13). Retrieved from https://phdessay.com/a-summary-of-what-i-learned-about-the-events-in-venezuela/
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