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Economic History Of Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is a country located on the northern coast of South America. It is known for its large proven oil reserves. Before oil was discovered, Venezuelan production was primarily agriculture, such as coffee and cocoa. After the first commercial drilling for oil in 1917, oil production increased drastically due to the oil boom of the 1920s and was later furthered by World War II, as Venezuela supplied oil to the United States. From 1958 to 1989, democratic leaders attempted to use the large oil revenues to invest in other industry through various policies such as import substitution and other programs designed to diversify the Venezuelan economy away from a highly specialised export range. These attempts, for the most part, were unsuccessful as Venezuelan government revenues continued to be highly volatile due to the fluctuating price of oil, which was reflected especially throughout the 1980s due to the oil price crash. After strug ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea. It has a territorial extension of , and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. The Venezuelan government maintains a claim against Guyana to Guayana Esequiba. Venezuela is a federal presidential republic consisting of 23 states, the Capital District and federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Disease
In economics, the Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The term was coined in 1977 by ''The Economist'' to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Groningen natural gas field in 1959. The presumed mechanism is that as revenues increase in the growing sector (or inflows of foreign aid), the given nation's currency becomes stronger (appreciates) compared to currencies of other nations (manifest in an exchange rate). This results in the nation's other exports becoming more expensive for other countries to buy, and imports becoming cheaper, making those sectors less competitive. While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign currency, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2002 Venezuelan Coup D'état Attempt
A failed coup d'état on 11 April 2002 saw the president of Venezuela, Hugo Chávez, ousted from office for 47 hours before being restored to power. Chávez was aided in his return to power by popular support and mobilization against the coup by loyal ranks in the military. Those who opposed Chávez claimed that his government was becoming undemocratic. By early 2002, Chávez's approval rating dropped to around 30%. The growing dissatisfaction with Chávez among those in the military due to his aggressive manner, and alliances with Cuba and paramilitaries also led multiple officers to call on Chávez to resign. The situation began on 9 April, when a general strike was called by the trade union organization National Federation of Trade Unions ('' Confederación de Trabajadores de Venezuela'', CTV). The proposed strike was in response to Chávez's appointments to prominent posts in Venezuela's national oil company, PDVSA. Two days later in Caracas, up to one million Venezuelans ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OPEC
The Organization of the Petroleum Exporting Countries (OPEC, ) is a cartel of countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. , the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 % of the world's proven oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called " Seven Sisters" grouping of multinational oil companies. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simón Bolívar
Simón José Antonio de la Santísima Trinidad Bolívar y Palacios (24 July 1783 – 17 December 1830) was a Venezuelan military and political leader who led what are currently the countries of Colombia, Venezuela, Ecuador, Peru, Panama and Bolivia to independence from the Spanish Empire. He is known colloquially as '' El Libertador'', or the ''Liberator of America''. Simón Bolívar was born in Caracas in the Captaincy General of Venezuela into a wealthy criollo family. Before he turned ten, he lost both parents and lived in several households. Bolívar was educated abroad and lived in Spain, as was common for men of upper-class families in his day. While living in Madrid from 1800 to 1802, he was introduced to Enlightenment philosophy and met his future wife María Teresa Rodríguez del Toro y Alaysa. After returning to Venezuela, in 1803 del Toro contracted yellow fever and died. From 1803 to 1805, Bolívar embarked on a grand tour that ended in Rome, where he swore to end ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luis Miquilena
Luis Manuel Miquilena Hernández (July 29, 1919 – November 24, 2016) was a Venezuelan politician. He was involved in politics in the 1940s, and again after the 1958 restoration of democracy, but retired from politics in 1964 until the early 1990s, pursuing a career in business. He was then an early supporter of Hugo Chávez' post-1992 political career, and was the Venezuelan Minister of Interior and Justice from 2001 to 2002, when he resigned. First political career Miquilena began his political career with the Venezuelan Communist Party (PCV) in the 1940s as Secretary General of the Union of Bus Drivers (Spanish: ''Sindicato de Autobuseros''), allied with President Isaías Medina Angarita. He remained with the PCV for the next four years. Later, he became a firm opponent of president Rómulo Betancourt (first presidency 1945-1948). In 1945, he broke with the PCV over their support of Betancourt and formed his own political party, the Revolutionary Party of the Proletariat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela Historic Inflation Vs
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea. It has a territorial extension of , and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. The Venezuelan government maintains a claim against Guyana to Guayana Esequiba. Venezuela is a federal presidential republic consisting of 23 states, the Capital District and federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hugo Chávez 2012
Hugo or HUGO may refer to: Arts and entertainment * ''Hugo'' (film), a 2011 film directed by Martin Scorsese * Hugo Award, a science fiction and fantasy award named after Hugo Gernsback * Hugo (franchise), a children's media franchise based on a troll ** ''Hugo'' (game show), a television show that first ran from 1990 to 1995 ** ''Hugo'' (video game), several video games released between 1991 and 2000 * ''Hugo'' (stylised as ''hugo''), a 2022 album by British rapper Loyle Carner People and fictional characters * Victor Hugo, a French poet, novelist, and dramatist of the Romantic movement. * Hugo (name), including lists of people with Hugo as a given name or surname, as well as fictional characters * Hugo (musician), Thai-American actor and singer-songwriter Chulachak Chakrabongse (born 1981) Places in the United States * Hugo, Alabama, an unincorporated community * Hugo, Colorado, a Statutory Town * Hugo, Minnesota, a town * Hugo, Missouri, an unincorporated community * Hugo, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Caracazo
The ''Caracazo'' is the name given to the wave of protests, riots and looting. that started on 27 February 1989 in Guarenas, spreading to Caracas and surrounding towns. The weeklong clashes resulted in the deaths of hundreds of people, thousands by some accounts, mostly at the hands of security forces and the military.Amnesty International, March 1990, Reports of Arbitrary Killings and Torture:, February/March 1989, AI Index: AMR 53/02/90, https://www.amnesty.org/en/documents/amr53/002/1991/en/ The riots and the protests began mainly in response to the government's economic reforms and the resulting increase in the price of gasoline and transportation. Etymology The term, “Caracazo,” stems from the city’s name, Caracas, and “-azo,” which stems from another historic event, the Bogotazo, was a massive riot in Bogotá, recognized as having a crucial role in Colombia’s history. “Caracazo” is technically defined as the “Caracas smash” or “the big one in Caracas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1980s Oil Glut
The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $ per barrel in dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($ to $ in dollars). The glut began in the early 1980s as a result of slowed economic activity in industrial countries due to the crises of the 1970s, especially in 1973 and 1979, and the energy conservation spurred by high fuel prices. The inflation-adjusted real 2004 dollar value of oil fell from an average of $78.2 in 1981 to an average of $26.8 per barrel in 1986. In June 1981, ''The New York Times'' proclaimed that an "oil glut" had arrived and ''Time'' stated that "the world temporarily floats in a glut of oil". However, ''The New York Times'' warned the next week that the word "glut" was misleading, and that temporary surpluses had brought down prices somewhat, but prices were still we ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luis Herrera Campins
Luis Antonio Herrera Campins (4 May 1925 – 9 November 2007) was the president of Venezuela from 1979 to 1984. He was elected to one five-year term in 1978. He was a member of COPEI, a Christian Democratic party. Early life and career Luis Antonio Herrera Campins was born in Acarigua, Portuguesa (state), Portuguesa. He studied law initially at Central University of Venezuela, though his studies were interrupted when he was imprisoned during the regime of Marcos Pérez Jiménez after he organized a strike against the dictator. He continued his studies and writings in exile in Spain and Germany. He eventually earned his law degree in 1955 from the Universidad de Santiago de Compostela. Herrera entered politics in 1937, and from 1959 to 1979 he served in the National Congress. He became President of Venezuela on 12 March 1979. Presidency Herrera won the December 1978 Venezuelan general election, 1978 presidential elections for COPEI, replacing the social democrat Carlos A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PDVSA
Petróleos de Venezuela, S.A. (PDVSA, ) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter. Oil reserves in Venezuela are the largest in the world and the state-owned PDVSA provides the government of Venezuela with substantial funding resources. Following the Bolivarian Revolution, PDVSA was mainly used as a vital source of income for the Venezuelan government. Profits were also used to assist the presidency, with funds directed towards allies of the Venezuelan government. With PDVSA focusing on political projects instead of oil production, mechanical and technical statuses deteriorated while employee expertise was removed followin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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