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Statements

Subject Item
dbr:Economic_policy_of_the_Hugo_Chávez_administration
rdf:type
owl:Thing
rdfs:label
Economic policy of the Hugo Chávez administration Política económica del gobierno de Hugo Chávez
rdfs:comment
From his election in 1998 until his death in March 2013, the administration of the late Venezuelan President Hugo Chávez proposed and enacted populist economic policies as part of his Bolivarian Revolution. Desde su elección en 1998 hasta su muerte en marzo de 2013, el gobierno del fallecido presidente venezolano Hugo Chávez propuso y promulgó políticas económicas populistas como parte de su Revolución Bolivariana.
rdfs:seeAlso
dbr:Energy_policy_of_Venezuela dbr:Foreign_policy_of_the_Hugo_Chávez_government
foaf:depiction
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dcterms:subject
dbc:Economic_history_of_Venezuela dbc:Crisis_in_Venezuela dbc:Hugo_Chávez
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dbo:thumbnail
n8:Modern_Venezuela_Economic_Indicators.png?width=300
dbp:align
right
dbp:caption
Sources: EIA 1, EIA 2 1980.0 Source: EIA PDVSA petroleum facility on Margarita Island. Oil production and net petroleum exports. Reductions in exports raised oil prices, assisting Chávez's policies.
dbp:date
May 2014
dbp:direction
vertical
dbp:image
Venezuela oil revenues 1975 -.png PDVSA Gas Nueva Esparta.jpg Venezuela oil production-exports.png
dbp:reason
current source does not say anything about developers avoiding Venezuela due to massive number of expropriations.
dbp:width
400
dbo:abstract
From his election in 1998 until his death in March 2013, the administration of the late Venezuelan President Hugo Chávez proposed and enacted populist economic policies as part of his Bolivarian Revolution. In the early 2000s when oil prices soared and offered Chávez funds not seen since the beginning of Venezuela's economic collapse in the 1980s, Chávez's government became "semi-authoritarian and hyper-populist" and consolidated its power over the economy in order to gain control of large amounts of resources. Domestically, Chávez used such oil funds for populist policies, creating the "Bolivarian missions", aimed at providing public services to improve economic, cultural and social conditions. Such policies included redistribution of wealth, seizure and redistribution of land, and democratization of economic activity via workplace self-management and creation of worker-owned cooperatives. Internationally, the Chávez administration used oil production to increase autonomy from United States and European governments and used oil funds to promote economic and political integration with other Latin American nations. Venezuela's economy improved dramatically during much of the Chávez presidency, trending positive until the worldwide oil price collapse in 2013. From 1999 through 2013, inflation dropped to its lowest levels in the country since the late 1980s; unemployment dropped drastically, following many years of increases before Chávez was elected. In 1999, when Chávez took office, unemployment was 14.5 percent; for 2011 it had declined to 7.8 percent. Poverty also decreased significantly, dropping by nearly 50 percent since the oil strike, with extreme poverty dropping by over 70 percent. As Chávez's successor Nicolás Maduro began to increase domestic spending after the oil price collapse, high inflation, currency controls, an unfriendly environment with private businesses, as well as the risk of default, prevented the entrance of stronger foreign currencies into Venezuela. Previously, the Chávez government turned to China to fund its overspending on social programs. Despite warnings near the beginning of Chávez's tenure in the early 2000s, his government continuously overspent in social spending and did not save enough money for any future economic turmoil, which Venezuela faced shortly before and after his death. Other industries suffered as a result of the over-reliance on oil, with the share of manufacturing in GDP dropping from 17.4% in 1998 when Chávez took office to 14.2% in 2012. As a result of Chávez's overspending and policies such as price controls, there were shortages in Venezuela and the inflation rate grew to one of the highest in the world. Desde su elección en 1998 hasta su muerte en marzo de 2013, el gobierno del fallecido presidente venezolano Hugo Chávez propuso y promulgó políticas económicas populistas como parte de su Revolución Bolivariana. A principios de la década de los 2000, los precios del petróleo se dispararon y le ofrecieron fondos al gobierno de Chávez no vistos desde el comienzo del colapso económico de Venezuela en la década de 1980.​​ A nivel nacional, Chávez utilizó esos fondos petroleros para políticas sociales, creando las "Misiones Bolivarianas", destinadas a brindar servicios públicos para mejorar las condiciones económicas, culturales y sociales de los venezolanos.​ Estas políticas incluían la redistribución de la riqueza, una reforma agraria y la democratización de la actividad económica mediante la autogestión del lugar de trabajo y la creación de cooperativas propiedad de los trabajadores A nivel internacional, la administración de Chávez utilizó la producción de petróleo para aumentar la autonomía de Venezuela de los gobiernos de Estados Unidos y Europa, y utilizó los fondos petroleros para promover la integración económica y política con otras naciones latinoamericanas. La economía de Venezuela mejoró dramáticamente durante gran parte de la presidencia de Chávez, con una tendencia positiva hasta el colapso del precio del petróleo en 2013.​ Desde 1999 hasta 2013, la inflación cayó a sus niveles más bajos en el país desde fines de la década de 1980, y el desempleo se redujo drásticamente, luego de muchos años de aumentos antes de que Chávez fuera elegido. En 1999, cuando Chávez asumió el cargo, el desempleo era del 14,5 por ciento; para 2011 se había reducido al 7,8 por ciento. La pobreza también disminuyó significativamente, cayendo casi un 50 por ciento desde la huelga petrolera, y la pobreza extrema disminuyó en más del 70 por ciento. A medida que el sucesor de Chávez, Nicolás Maduro, comenzó a aumentar el gasto interno después del colapso del precio del petróleo, la alta inflación, los controles de divisas, el riesgo de incumplimiento impidieron la entrada de divisas extranjeras a Venezuela.​ El gobierno de Chávez recurrió a China para financiar su gasto en programas sociales. A principios de la década de 2000,​ el gobierno de Chávez gastó continuamente en gastos sociales.​​ Otras industrias sufrieron como resultado de la dependencia del petróleo, y la participación de la manufactura en el PIB cayó del 17.4% en 1998 cuando Chávez asumió el cargo al 14.2% en 2012.​ Como resultado del gasto y de políticas como el control de precios, hubo escasez en Venezuela y la tasa de inflación creció a una de las más altas del mundo.​​​
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